It actually started in the 90s not on Wall Street but in regular
banks and was endorsed by the FDIC. The idea was that making, e.g.,
tellers take 2 consecutive weeks off would help uncover
embezzlement. Forced vacation as an "effective internal
control"
Someone asked me today why all of Wall Street is on vacation right now. Setting aside the obvious (it's August, markets *tend* to be quieter, Hamptons, etc.) it was a fun excuse to refresh myself on the mandatory two-week rule:
Yes and if you ever want to visit Manhattan for vacation make it
the last 2 weeks in August. Nobody's here! Went for my run in
Central Park, stood on the bridge overlooking the running track,
and saw 0 people in view. Amazing.
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interesting thing about banks and mandatory 2 weeks vacation
Posted by matt on 1st of Sep 2022 at 04:27 pm
https://twitter.com/lizrhoffman/status/1565363275805515777
It actually started in the 90s not on Wall Street but in regular banks and was endorsed by the FDIC. The idea was that making, e.g., tellers take 2 consecutive weeks off would help uncover embezzlement. Forced vacation as an "effective internal control"
Yup - many traders are
Posted by steve on 1st of Sep 2022 at 05:52 pm
Yup - many traders are away so even less liquidity
Yes and if you ever
Posted by brophy on 1st of Sep 2022 at 04:38 pm
Yes and if you ever want to visit Manhattan for vacation make it the last 2 weeks in August. Nobody's here! Went for my run in Central Park, stood on the bridge overlooking the running track, and saw 0 people in view. Amazing.