Wall Street’s texting problem forces unhappy regulators to send a billion dollar message

Photo caption: Countries like the U.S. and U.K. are grappling with inflation that has risen to multi-year highs as the Ukraine war has caused energy prices to spike and food prices to rise. Photo credit: Angela Weiss | AFP | Getty Images. Article by Bob Pisani. CNBC – September 28, 2022.

Wall Street has a texting problem and the SEC is not happy. Last night the SEC announced charges against 15 broker-dealers and an investment adviser for “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.” The firms, including Goldman Sachs, Morgan Stanley, Barclays and UBS, agreed to pay combined penalties of more than $1.1 billion. Separately, the Commodity Futures Trading Commission also announced $710 million in penalties. […]

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