24 February 2011

Free speech is the whole thing, the whole ball game. Free speech is life itself. -Salman Rushdie

As you have no doubt noticed, this blog has not been updated in a long time, even though I had promised to rededicate myself to writing blog posts. The reason is that my job would not allow me to blog.

The financial industry has very onerous restrictions over what registered financial professionals are allowed to say in public. Because I was a registered financial professional, everything I said could be considered advertising for my company, and would require pre-approval from my supervisor and from my compliance department. There are currently very few guidelines for how financial companies should deal with social media. My company didn’t want to open itself up to potential liabilities resulting from my blog, and didn’t want to spend the money on lawyers or the time developing new procedures for employee blogging.

I don’t blame my company for saying no. Sadly, the regulatory environment for financial firms is such that they open themselves up to enormous potential liabilities, even while trying to do everything according to the rules.

However, yesterday was my last day at my job, so today I’ve started back with blogging. I’ve been writing down my ideas, even though I haven’t been publishing them, so there is a good backlog of posts that I look forward to writing over the next few months. One of them will definitely be about financial regulation.