instant messenger

“Confusion and inaccuracy” is what we’re calling you-know-what now (insideray radingtay). Read more »

As those of you who’ve read today’s criminal indictment against SAC Capital know, prior to September 2008, the hedge fund had a policy to “automatically purge all instant messages after 36 hours and all e-mails not affirmatively saved after 30 days.” Then, after September 2008, a “revised document retention policy” was adopted, wherein everything was saved. Furthermore, employees of the firm were also aware that somewhere in a SAC office sat a team of people whose job in part was to review all electronic communications, scanning them for words, phrases, or conversations that might propose a problem for the firm. Luckily for anyone doing anything less than kosher, and talking about it, “prior to approximately late 2009, SAC’s compliance department rarely reviewed electronic communications by SAC employees for suspicious terms potential insider trading, notwithstanding the fact that the head of SAC compliance had recommended such searches to SAC management as early as 2005.” (It’s unclear what compliance was scanning IMs and emails for when it wasn’t looking for evidence of securities fraud, but tasty lunch orders to be intercepted in the lobby and ribald recaps of weekends in Hamptons share houses seem like good possibilities.) As late as, say, December 2008, one could be forgiven for forgetting that everything he or she was typing was being stored in a warehouse somewhere, but after that, they probably should have taken pains to not say anything that could be construed as minorly to majorly shady. And yet! Read more »