04 November 2016

These are Dishonest People Who Knowingly Break the Law

When talking about Bernie Madoff Eric Falkenstein made the following observation:
People who meticulously avoid email should not be trusted, because it is simply too calculating, as if they know they are regularly committing crimes. A phone conversation can always be disavowed, you just say you were talking about last weekend's bar mitzvah.
Now we see what appears to be a rather anodyne article about how many of the movers and shakers on Wall Street meticulously avoid email as well:
In an age when most bankers use keyboards to communicate with each other, a small group of the Wall Street elite refuses to say anything substantive in an email, text or chat, and some will not communicate digitally at all.

This group, which includes top bankers like JPMorgan Chase & Co Chief Executive Officer Jamie Dimon and powerful investors like Carl Icahn and Berkshire Hathaway Inc's Warren Buffett, were eschewing electronic communications long before the probe of U.S. presidential candidate Hillary Clinton's emails and the recent hacks of her campaign manager's account made headlines.

Some on Wall Street are nostalgic for a time when in-person conversations or phone calls were the norm, but others believe the words they type and send can come back to haunt them. Prosecutors have built insider trading, mortgage fraud and rate-rigging cases on embarrassing emails over the past several years, and they are often the most memorable part.
You really do not want to trust these guys with your money.


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