Every New York state or municipal department, board, bureau, division, commission, committee, public authority, public corporation, council, office, or other governmental entity performing a governmental proprietary function is subject to FOIL.
The trading in the London group of the chief investment office was proprietary, intended to create profit for the bank.
"In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets," Coinbase said in its blog announcement.
To prevent foreign banks with U.S. offices from proprietary trading "seems an excessive and extra-territorial application which deviates from one of the main objectives of the Dodd-Frank Act, namely, containing systemic risks," the Japanese bank wrote.
The author came to the reluctant conclusion that the root cause of the observed inefficiency was corruption, deeply embedded in socially accepted practices of "gift-giving, with the preponderance of traditional loyalties over obligations to the state, and with a proprietary view of public offices".
He also said he's invested thousands in proprietary software that allows his office to track the status of pending modifications, and said he would put the HuffPost in touch with some satisfied customers.
The early players were proprietary trading firms and family offices, who have the most latitude in their investment mandates.
Update: Bloomberg has fired back at the critics with another story on Friday, saying the bank has turned its sleepy chief investment office into a massive proprietary trading desk, a group that includes The London Whale.
Consider Open Source alternatives for all proprietary software: OpenOffice.org is an office suite comparable or superior to the "Pro" versions of Microsoft Office, yet is free, as in both freedom and beer.
"After confirmation that the data was Microsoft's proprietary trade secret, on September 7, 2012 Microsoft's office of legal compliance (OLC) approved content pulls of the blogger's Hotmail account", said FBI agent Armando Ramirez III in court papers filed Monday.
