Clearly congnizant of social media’s ability to create a corporate firestorm, not to mention toppling a dictator, Wall Street firms are gingerly allowing their employees to begin using Twitter and other social media platforms in hopes of finding another revenue stream or way to bring in new business.
One Morgan Stanley Smith Barney adviser was allowed to post this on Twitter: “Next stop Dow 57,757? Don’t count on it but Tuesday’s bullish session is in the books.”
Not quite the next Arab spring you say?
Still, Wall Street sees gold in those 140 characters as firm lawyers grudgingly begin to allow employees to pursue new paths and not the financial version of “Bill and Ted’s Excellent Adventure.”
A cottage industry has already emerged with compliance software products so Wall Street tweeters don’t run afoul of the SEC or other regulators, much less their own lawyers or firm guidelines. Will Twitter provide an investor a lead to the next IPO? Will it generate new business for the firm or the advisor? One thing’s for sure, though, social media, the new frontier, offers that and more. Wall Street’s just hoping it doesn’t lead to more reputation pounding and maybe some good vibes instead.
Here’s the piece in the NY Times: http://dealbook.nytimes.com/2012/03/21/on-wall-st-keeping-a-tight-rein-on-twitter/