Why An Investment Bank Is No Different Than A Terrorist
Counter-terrorism technologies used to find hidden caves in Pakistan are not solely used against el-Qaida anymore. Today, they’re being applied as a tool in fighting the war against Washington from the offices of WS. While these technologies greatly assisted in locating Osama Bin-Laden, this newer application could have potentially netted the London Whale long before losses exploded to $5.8B! Just like Donald Rumsfeld and the U.S invasion into Afghanistan, Guy Chiarelli, CIO for JPM is on the offensive too, combining Planatir’s technology with Big Data to bring their risk management to whole new level. Read more to find out about this potential game-changer and its drawbacks…
On Friday, Richard Waters of the Financial Times broke with this headline, ft.com/T0Kj95">Counter-Terrorism Tools Used To Spot Fraud. He reports how in the past Planatir Technologies has worked for the U.S intelligence services and originally applied their techniques to help JPM spot hackers getting into client accounts or ATM’s. Further applications of counter-terrorism technologies include startup Quantifind who has been used by the CIA to identify terrorist aliases, met with JPM to explain how its technology can be applied to its credit card business according to Chief Executive, Ari Tuchman.
Like a captured operative Chiarello, only cryptically says that their involvement expands into “a couple of dozen projects” although, he does admit they’re poised to have a significant impact on its business. However, digging a bit deeper reveals that one of their primary applications is using Big Data to fish-out potential rogue traders like Ina Drew. According to David Wallace, an Executive at SAS,
They're trying to mine not just trading data, but also emails [and] phone calls."So now JPM is using the same counter-terrorist technology to spy on its employees as used to bring down Bin-Laden but the bigger issues that I want to bring to your monkey’s attention are...
1. Would you have any objections about working for an IB that use’s intelligence techniques to monitor its employees?
2. What if your employer went to the same measures as JPM, how would you react?
OTHERWISE, I'D LIKE TO HEAR YOUR OPINIONS ON THIS!
Are you talking about Palantir?
To answer your question, no, when I am at work I consider every single thing I say or do to be the property of my employer and subject to scrutiny or review as such.
This. If I do it using a work computer / wifi connection / phone, I assume they can monitor it.
I agree. Then again, unless you are doing something really dumb (e.g. looking at porn), they have already decided to fire you if they are looking at your internet history. If you are getting all your work done with no complaints, nobody is going to care whether you spend the remainder of your time reading about excel shortcuts or on espn.com.
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