Verba volant...
NYT. Securities regulators have found that the big banks (required by regulation to keep all e-mail for 3 years) have deleted them. Goldman Sachs, Citigroup and others are implicated. Solution: slap them on the wrist with a $10 m fine. Given that Merrill Lynch was hit with a $100 settlement because it kept its e-mail, the fine should be at least that if not more. How about a $500 m fine or $1 b? All the players named could afford it and it would send a strong signal to the street about keeping records intact. [John Robb's Radio Weblog]
