Sharing isn’t always a good thing

Inside a company, sharing knowledge (aka information) can be a good thing.  When you start sharing with other companies, things can get problematic.  Or criminal.

Banks Pay $5.6Billion To Settle U.S. Probe,” Wall Street Journal, May 21, 2015 A1. Banks who shared information in order to maximize profits by price fixing foreign currency rates through use of an online chat room pay a huge fine. And they pled guilty to criminal charges.

So, sharing some information outside the company is bad.  That’s bad with a ‘B.”  Like the “B” in billion.  What does it say when your bank pleads guilty to a crime?  Why does the SEC allow them to continue to operate? Sure lucky they aren’t government contractors.  And what happens in the future if one of them commits another crime?

Civil suits to follow.

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Filed under Board, Business Case, Compliance, Compliance, Compliance, Controls, Culture, Culture, Governance, Internal controls, Management, Oversight, Protect assets, Risk, Third parties

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