While It Waits For That Fee Information, SEC Decides To Have A Look At Private Equity Firms’ Messaging Hygiene

If the private-equity industry thought that Securities and Exchange Commission couldn’t get any meaner toward it, what with all of the insistence that they stop lying to their investors, refusing to be a bit more transparent with them, and passing on the bill for their own alleged misdeeds to them, well, as with the still-uncertain outcome of an election it invested a record $146.8 million in, they’re likely to be disappointed. Because having extracted a cool $1 billion from the world’s banks for failing to properly police and track their employees’ use of messaging apps on their personal devices, to say nothing of actually retaining those messages as required by law, Gary Gensler & co. have a sneaking suspicion there’s equally ripe fruit to be plucked from the hands of p.e. firms.