Last Winter, the Financial Industry Regulatory Authority, which oversees how investments are sold, proposed a very invasive and shadowy idea called CARDS. It stands for Comprehensive Automated Risk Data System. It’s a fanciful way of saying ‘We want to automatically spying on every trade you make.’ The premise is that every now and again traders of lest that perfect repute make some shady/illegal deals and that can’t happen, but what if there was a way to automatically see every transaction at once and scan them in real-time for bad behavior? Behold CARDS. What could go wrong?
Top Photo: Herve Boinay via Flickr