Elizabeth Warren looks to silence Symphony
Sen. Elizabeth Warren is trying to mute Symphony.
Warren (D-Mass.) on Monday sent letters to six federal agencies — including the Justice Department and the Securities and Exchange Commission — detailing her concerns about how Symphony, a Wall Street-backed chat and e-mail program, could be used to circumvent regulators and law enforcement.
The program, backed by 14 Wall Street powerhouses, including Goldman Sachs and BlackRock, allows more control over chats than the popular Bloomberg messaging system.
Chats have been used as key evidence in dozens of court cases that have cost firms $74 billion in fines since 2010, according to data compiled from CCP Research Foundation.
Samantha Singh, a Symphony spokeswoman, didn’t immediately respond to questions about the letter.