Bitcoin’s chart has some eerie parallels to gold in the 1970s. What that means for it next
CNBCDec 01, 2022
The Facts
The US Securities and Exchange Commission (SEC) has fined JPMorgan Chase $4M after the bank accidentally and permanently deleted 47M emails from 8.7K mailboxes belonging to as many as 7.5K employees from its retail banking division.
The emails were dated between January and April 2018 before their deletion in 2019, violating SEC regulations that require the bank to retain emails for 36 months.
The Spin
Establishment-critical narrative
Despite regulations on banks supposedly getting tighter, the world's leading financial institutions are growing more and more bold in their illegal behavior. The reasons for this are plenty, but two are the most important: first, the fines they pay don't put a dent in their portfolio, and second, they benefit from their friends from the industry becoming the regulators. Banking is a complex industry, but the government must close these loopholes and actually impose severe penalties.
Pro-establishment narrative
While some fines certainly do seem small, the US government, over the past year, has imposed record-breaking fines on the world's biggest banks. For example, Barclays, Bank of America, and Goldman Sacks, among others, each paid a whopping $125M for violating record-keeping laws. Furthermore, the government has stayed ahead of the curve by monitoring the use of new communication technology so these financial behemoths can't skirt the law.
