Someone told Elizabeth Warren about Symphony - the stealthy messaging app designed to replace Bloomberg and backed by Goldman, BofA, Citi, Deutsche Bank and others - and homegirl is predictably pissed.
Capitol Hill’s biggest Wall Street critic is raising fresh concerns that large financial firms backing a new instant-messaging service may use it to circumvent regulatory scrutiny.
Sen. Elizabeth Warren (D., Mass) on Monday sent letters to six financial regulators saying she is troubled that the big banks and other financial firms backing Symphony Communications Services LLC may use the new tool to skirt regulatory and legal requirements, as well as escape enforcement action by the Consumer Financial Protection Bureau and other regulators.
Warren is nothing if not consistent, and her objections to a messaging app not yet in use hinge on what she sees as Wall Street's inherently untrustworthy nature. Once again, Warren is dividing the American public and the financial sector into two, distinct, black & white spheres. In her construction Wall Street is the evil force looking to brazenly rip off the innocent people of Main Street.
The idea that people will use the new chat platform to hide evidence of their bad behavior from regulators is stupidly obvious and easy for her to get worked up over, but pretending that Symphony is going to be the online version of narcotunnels for financial crimes is laughable.
Warren wants Wall Street to operate under her unobstructed gaze, but that's never going to happen, which makes her increasingly phobic about a business sector that she has never truly, culturally understood.
Here's a snippet of her letter to regulators:
It's telling that Warren sees winks and nods in plain text. Let's see if she picks up on this:
Symphony was at least partially created in response to snooping by Bloomberg, which controlled the hardware and software of a previously popular messaging app, so the idea was to (wink) create something different and more secure. Also, while Ukrainian hackers are taking press releases seemingly at will from "safe" websites and using them to inside trade, the US government continues to dither on cybersecurity (nod) leaving the private sector to experiment on its own.
So, yeah, Elizabeth Warren already hates Symphony, but we knew that before she did and it should have no bearing on its survival.