Pro-Tip: Consider Not Discussing Insider Trading, Etc In The Office Break Room

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Or with that guy in the cafeteria who'd "love to hear more" while you wait on line for your frittatas.

Memo to employees at big Wall Street banks and securities firms: Be careful what you say on the elevator. You might be surrounded by regulators...Much like reporters assigned to a military unit during war, these regulatory "embeds" get unprecedented access to financial firms such as Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley. They file through the same security turnstiles, eat lunch at the company cafeteria and press top executives for answers to questions about mortgage-documentation procedures and exposure to European debt and municipal bonds...About 150 such regulators are scattered across banks and securities firms overseen by the New York Fed. That total will double by this fall, according to a person familiar with the situation.

[WSJ via BI]

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