Skip to main content

Was That Wrong? Should We Not Have Done That?

  • Author:
  • Updated:

A couple of guys who helped Capital One customers deal with fraudulent credit-card charges also (allegedly!) helped themselves to a whole mess of customer data, such as learning that credit-card customers really, really like Chipotle. This was really quite brilliant, and quite profitable (1,819% return in three years!). It was also, according to the SEC, quite illegal.

Every so often a network of tippers will yield multiple big scores like that. But to do hundreds of searches and trade multiple stocks over three years based entirely on raw consumer spending signals, and to make 1,819 percent doing it, is just phenomenal. Even if the consumer spending signals were, you know, stolen.

Capital One Fraud Researches May Also Have Done Some Fraud [Bloomberg View/Matt]


By Kjetil Ree [CC BY-SA 3.0], from Wikimedia Commons

Nouriel Roubini Still Remembers That Time He Was Right About Something, Thinks You Should Too

And the artist formerly known as Dr. Doom can’t wait to reprise his greatest hit.