Big investment banks have already been collectively hit with about $2.5 billion in fines for poor record-keeping over employees’ use of texts to discuss business. But banks were allowed to mark their own homework, and the SEC reviewed only a sample of messages to keep them honest.
Gensler has taken a more invasive approach to private equity and hedge funds, reportedly including Apollo Global Management Inc., Carlyle Group Inc., Citadel and KKR & Co., even though money managers in general face less onerous record-keeping requirements than banks.
Source: Gensler Reminds Hedge Funds He’s Still Sheriff of Wall Street – Bloomberg
