Billions – Ethical Considerations of Confidential Information

billions-blog-11

This week’s episode focused a lot on personal lives and how they can impact professional lives. In one particular scenario, the ethical considerations of confidential information that can result from it are explored.

Spoilers Ahead

The complex triangle between Chuck Rhoades, Wendy Rhoades and Bobby Axelrod is explored in their individual parts and as a whole. Axe makes a major mistake and ends up losing $1 billion dollars. Lara Axelrod is at Axe Capital and sees that her husband is upset. Concerned, Lara asks him if everything is ok and Axe responds by telling her that he needs a marathon session with Wendy Rhoades, Axe Capital’s psychiatrist, to figure out what is wrong with him. Axe texts Wendy who comes to him immediately and they embark on a session which includes hours both in and out of the office. While Wendy is with Axe, Chuck is trying to get ahold of his wife, and even calls her friends to see if they know where she is, to no avail. Meanwhile, Wendy and Axe are walking outside trying to talk through Axe’s problems. Axe reveals the entire truth about Donnie’s death and exclaims his fear that he may be a sociopath. This leads to a very emotionally intimate moment between Axe and Wendy on a bridge, which Chuck happens to see as his town car is driving by. Chuck is upset and retreats to an S&M club but quickly uses his safe word because he does not have Wendy’s permission to be there. Chuck heads home to find Wendy in the shower and Wendy’s laptop lying on their bed. Chuck can’t resist —- he logs into Wendy’s laptop and reads her psychiatric records about Axe, which contains legally damaging information about his actions. Chuck emails Wendy’s file to himself and we are left with a cliffhanger – will Chuck try to use that information against Axe? And what will the personal and professional ramifications be for Wendy, who has the utmost obligation to protect the confidentiality of her patients’ mental health records?

Protection and ethical considerations of confidential information is extremely important in the securities industry and beyond. For financial firms, the SEC defines its rule on the Privacy of Consumer Financial Information in Regulation S-P. In addition, each state has their own privacy rules and which businesses need to be familiar and comply with in their day-to-day operations. For those involved in certain professions, such as the medical and legal field, the protection of client confidential information is sacred and carries with it the utmost duty to protect the confidences of the client. For more information on privacy rules and steps your firm should take to comply, contact Jacko Law Group at 619.298.2880 or info@jackolg.com.

Advertisements

Leave a comment

Filed under Investment Advisers

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s