Compliance

11:06 AM
Phil Albinus
Phil Albinus
Commentary
Connect Directly
Twitter
RSS
E-Mail
50%
50%

WikiLeaks Guessing Game Jostles BofA

Bank of America's stock dipped three percent yesterday in the wake of news that it might be the focus of a WikiLeaks expose in the months to come.

Although web provocateur and WikiLeaks founder Julian Assange did not name BofA when he said that he had tens of thousands of documents from a big US bank, the web was rife with speculation that the institution in questions was the Charlotte, NC bank.

Bank of America even went so far as to issue a statement that was far from an ironclad denial. "We have no evidence that supports this assertion," a bank spokesman told the Wall Street Journal. "We are unaware of any new claims by WikiLeaks that pertain specifically to Bank of America."

What a nightmare. Along with world governments, major corporations are now at the mercy of self-styled journalists and disgruntled employees bent on bringing their activities into the light. Much in the same way that a person's privacy has been invaded by high-tech gadgets and social media, big banks and government institutions must now deal with the implications of their secrets getting into the ahnds of people with access to these cutting-edge technologies. After all, an angry employee with a little high-tech savvy can download gigabytes of data on a USB keychain or burn a DVD while it looks like they are checking their e-mail.

Just ask former Secretary of Defense Donald Rumsfeld if he wished he could go back in time and ban digital cameras among US troops. (Maybe it would have been easier to avoid prisoner abuse altogether.)

This harks back to old horror movies when the terrorized heroine receives a phone call from the lunatic killer only to realize that he is calling from inside the house. Where to run?

Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
SEC Examinations: What to Expect When the SEC Is on It's Way
Theodore Eichenlaub highlights trends in SEC expectations and how to approach a risk assessment of your compliance program.
The Value of Predictive Analytics in Financial Services
Risk management and customer data are two key areas where data analytics is being applied in financial services.
Moving the Trader Closer to the Investment Process
The sell side can demonstrate more value by applying analytics to pre- and post-trading, and by educating buy-side clients about broker segmentation, trading behavior and algorithm shortcomings, and more.
Wirehouses May See More Independent BDs as Retention Packages Expire
Retention bonuses are expiring, leaving brokerages vulnerable to attrition. Is access to technology making it easier for brokers to go independent?
SCI: A Whale of a Regulation
The SEC's Reg SCI weights in at a whopping 742 pages. Here is what you need to know about the oversized regulation.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.