The SEC and Destruction of Documents: A Call for Standardization
The Financial Times recently reported that the SEC may have destroyed over
9,000 documents related to the legal investigations of various financial
groups, including SAC Capital, Bernard Madoff and Goldman Sachs. Sen.
Charles Grassley (R-IA) is quoted as saying "If these charges are true, the
agency needs to explain why it destroyed documents, how many documents it
destroyed over what time frame, and to what extent its actions were
consistent with the law." Apparently this is not the first time that the
SEC's actions have been scrutinized. According to the article, Sen. Grassley
"has repeatedly questioned the agency's enforcement actions and procedures."
While it is unclear how or why the SEC destroyed the documents, the
accusations are alarming, especially during this time of economic turmoil.
Moreover, there is a hint of irony to the story in that the organization
responsible for holding financial organizations accountable for their
services is unable to account for its own actions. Herein lies the one of
the problems with the financial and securities regulation sector in general
- no best practices, guidelines, or standards exist to guide these
organizations in the management of their investigative records, that is,
evidence collected and created by investigators and litigators.
Read more here: http://www.ciferresearch.org/blog/?p=124
-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf
Of Peter Kurilecz
Sent: August-23-11 7:17 PM
To: [log in to unmask]
Subject: Fwd: Is the SEC Covering Up Wall Street Crimes? | Rolling Stone
Politics
Is the SEC Covering Up Wall Street Crimes? | Rolling Stone Politics
Under a deal the SEC worked out with the National Archives and Records
Administration, all of the agency's records - "including case files relating
to preliminary investigations" - are supposed to be maintained for at least
25 years. But the SEC, using history-altering practices that for once
actually deserve the overused and usually hysterical term "Orwellian,"
devised an elaborate and possibly illegal system under which staffers were
directed to dispose of the documents from any preliminary inquiry that did
not receive approval from senior staff to become a full-blown, formal
investigation. Amazingly, the wholesale destruction of the cases - known as
MUIs, or "Matters Under Inquiry" - was not something done on the sly, in
secret.
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Source:
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street
-crimes-20110817
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--
Peter Kurilecz CRM CA
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Richmond, Va
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