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Re: Further Trends in Key Escrow?
On Mon, 15 Jul 1996, Timothy C. May wrote:
>
> I'm watching a CNBC report about the NASDAQ market and proposed fixes to
> certain alleged abuses about stock recommendations, bid-ask spreads,
> brokers, etc.
>
> One of the "industry" proposals involving taping the phone calls of NASDAQ
> brokers. (The proposal: 10% of all calls to customers would be recorded for
> later review.)
>
Many phone calls are recorded already, not under the premise of law
enforcement (or some sort of legal regulation), but under the notion of
quality assurance.
At what point does QA become "call escrowing" and does the SEC's
regulatory powers make it so it can't "escrow" calls for quality assurance
purposes? If Merril Lynch decides to record calls for QA purposes, can
the SEC subpeona those "records" if it suspects illegal activity? If
everyone's willing to patronize those businesses that record calls for
"QA" purposes (I tried not to and then gave up since nobody else seemed to
give a shit), will the SEC's quality assurance efforts be met with the
same lack of care by the consumers? Or maybe they'll actually *LIKE* it.
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