Howard A. Fischer was quoted in length in an October 5, 2022 article discussing the future implications after some of Wall Street's biggest banks admitted to employee use of private text messages to keep their business conversations off the record. 

"I think the question is, how far down the pecking order in the securities industry is this going to go? If a Goldman Sachs or Barclays or Credit Suisse — all of which have pretty robust compliance mechanisms — could fall prey to these issues with off-platform communications, if they could violate these rules, I would have to imagine that smaller or midsized broker-dealers and investment advisers probably have the same problems."