The federal securities laws require public companies to make and keep
detailed and accurate “books, records, and accounts.” One might assume that
a securities law relating to books and records covers materials used in the
preparation of financial statements. But in practice, the U.S. Securities
and Exchange Commission applies a much broader definition that seems to
encompass every piece of paper and data in a company’s possession.

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-- 
Peterk
Dallas, Tx
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"The problems of our economy have occurred not as an outgrowth of
laissez-faire, unbridled competition.
They have occurred under the guidance of federal agencies, and under the
umbrella of federal regulations."
Senator Ted Kennedy, in defending trucking deregulation in 1978.

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