monitoring projects

Hoping to boost surveillance in the wake of numerous insider-trading investigations that ultimately ended its life as a public hedge fund, SAC Capital has hired a Silicon Valley data miner that has done work for the Central Intelligence Agency and the Federal Bureau of Investigation in order to keep closer tabs on its own employees. In a memo issued to employees Wednesday afternoon, SAC President Tom Conheeney announced the hiring of Palantir Technologies, a closely held Palo Alto, Calif., company that specializes in crunching data for large institutions…Of course, that surveillance is already underway. As part of a pilot program first discussed nine months ago, Conheeney wrote, Palantir was able to “embed” with SAC’s compliance team and run a temporary monitoring project. That pilot was a “success,” the firm president added, leading to the data miner’s hiring. [NetNet]