| Topic Name: |
Information security |
| Message Name: |
Correct my dear Watson |
| Date Posted: |
02/13/2006 |
| Message: |
You have made a correct assessment of the problem, but the problem is much bigger then that, you see authoritative functions where not the only issues with Bear Sterns nor are the only current issues, there is a severe problem with the ability to control or change anything that the client has access to, for example what??s stopping an authorized user from altering financial data to benefit an outside buddy with a trading account ahhh! You see or perhaps getting someone unauthorized access to financial information he is not suppose to have, what I am trying to say is that the threats are many with that scenario so many that the seriousness of the problem is not what the article says ? It is what they don??t say that has BBG in the hot seat; remember Bear Stearns still a customer of BBG its called joint liability in the legal world. Always remember that Bloomberg is a license Broker Dealer by the S.E.C the functionalities available to the end-user provided by the data vendor must comply with regulatory compliance under Sarbanes & Oxley, Gramm Licheay , regulation ATS , NMS and o host of others just to mention a few .
A broker dealer receiving data from Bloomberg must NOT have the ability to access any authoritative functions or alter the data in anyway this leads to an untold numbers of violations to set rules by the S.E.C the possibility are endless including the manipulation of data for self enrichment.
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