Remember when reports started trickling in about Wall Street bankers' love of Snapchat, the photo-sharing service that lets you send self-destructing messages? Well, it looks like we're not the only ones who suspect they're using them for more than sexting and off-color jokes. Jim Cramer sat down with US Attorney Preet Bharara—whose beat includes New York City, and hence Wall Street—at a CNBC conference today, and asked if the feds could catch Snapchat insider trading:
- "My daughter and I Snapchat. OK, it disappears in three seconds," Cramer said. "Can the bad guys Snapchat, 'Go buy Leap Wireless' at 3:45 on Friday and get away with it, because you don't have the technology to stop it?"
- Bharara: "I don't even know what you're talking about. Have your daughter call me."
So does Cramer know something we don't? Daily Intel thought the clip represented Cramer "narcing" on Wall Streeters, and Bruce Carton at Compliance Week says he's "a little disappointed that I didn't figure this angle out on my own." Bharara says "nobody should feel comfortable" that they won't get caught "no matter what method of communication" they use.