For months now, tech-savvy Wall Street ne'er-do-wells have (presumably) been using Snapchat, bankers' favorite disappearing-photo app, to conduct their illicit insider trading. And it (again, presumably) worked great, until this morning, when CNBC's party-pooper-in-chief, Jim Cramer, had to go and warn Preet Bharara, the U.S. attorney who is leading a massive crackdown on insider trading, about Snapchat's usefulness for doing illegal stuff.
Cramer is asking if Snapchat can be used for insider trading tips. Preet: I don't even know what you're talking about." #deliveringalpha— Downtown Josh Brown (@ReformedBroker) July 17, 2013
Bharara jokes he is going to Snap Chat with press going forward; Already more Snap Chat references than expected. #DeliveringAlpha— Ben Baris (@bbaris8) July 17, 2013
Great. Now that Bharara knows what Snapchat is, he'll have an account set up by noon and be snapping photos of handcuffs to hedge-fund traders by one. Thanks a lot, Jim! Next time, make sure to tell him about bankers who stayed out past their curfews too.