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« New York Prosecutors Widen Goldman Sachs Probe - WSJ | Main | Matt Taibbi With Keith Olbermann: SEC Policy Of Document Shredding Covers Up Wall Street Crimes »

Despite Warnings From Congress, SEC Still DESTROYING Records Illegally, Lawyer Says

The image above is not related to this story specifically, though it was sent to the SEC by a fund manager back in 2009.

Washington Post

A year after it was warned that it might be violating federal law, the Securities and Exchange Commission is still breaking the law by destroying records of closed enforcement cases, a lawyer in the agency’s enforcement division has alleged.

In addition, the purging of files has involved a wider range of investigative documents than previously reported, according to a signed statement by the enforcement lawyer.

The new allegations are contained in a statement dated Tuesday by Darcy Flynn, a longtime SEC employee involved in managing records for the enforcement division.

Flynn’s lawyer, Gary Aguirre, sent the statement and an accompanying narrative to SEC Chairman Mary L. Schapiro and SEC Inspector General H. David Kotz. Aguirre also addressed copies to several lawmakers, calling on Congress to step in.

Flynn is under “standing orders to direct the destruction of records” that the SEC is legally required to preserve, Aguirre wrote.

A year ago, after Flynn first alerted it to a potential problem, the National Archives, overseer of federal record-keeping, asked the SEC to explain the apparently unauthorized destruction of government records. The SEC told the National Archives that it was preserving the records then in question while it worked to sort out the issue.

Continue reading...


Matt Taibbi first broke this story a few weeks ago:

Matt Taibbi: SEC Is Covering Up Wall Street Crimes


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Reader Comments (11)

The Federal Government of the United States is like an infected tumor. From the sitting Administration and Congress to almost every regulatory and enforcment agency, Corruption oozes from every corner. Those who offer real cures, Elizabeth Warren for one, and other honest individuals are ignored by the administration and blasted with poisonous rhetoric by the sold out members of both parties in Congress.

The American Voters need to prescribe a large scale (Vote Them all out Anti Corrupt Politician Medication) for November 2012. Along with a ( Get the Money out of our Electoral Process enema for 2014 and 2016) as the whole electoral system is in need of a serious flushing. Then keep prescribing both every election till a true Democratic Republic emerges from decadent mess we are in today.
Sep 7, 2011 at 2:52 PM | Unregistered CommenterSagebrush
@ Sagebrush
"Then keep prescribing both every election till a true Democratic Republic emerges from decadent mess we are in today"
We might be expecting too much. LOL

Wall Street, Banks, Corporations,etc.etc. etc.
Could these be enemies of the U.S.

How is TREASON spelled?

The people I speak with on Main Street seem to be INTENTIONALLY IGNORANT. They are not smart enough to be called STOOPID.
Sep 7, 2011 at 5:48 PM | Unregistered CommenterTR
Yeah and if I'm such a conspiracy nut then why is all this shit going on in plain sight? At this point the people in the SEC are destroying documents to keep themselves out of jail! This is the kind of stuff that happens just before the shit really hits the fan in a doomed economy. The powers that be want to make it impossible to piece together what was going on when,where and how. Hear no evil see no evil and speak no evil. This and becoming retroactively stupid and developing a clueless look on their faces and saying the word what a lot.
Sep 7, 2011 at 6:59 PM | Unregistered Commenterbob
("Wall Street, Banks, Corporations,etc.etc. etc.
Could these be enemies of the U.S.")

Yo TR,
Not to one tenth of one percent of the U.S. known as the ultra rich, and probably not to the next four and nine tenths to six percent of the U.S. who are simply the rich. But for ninety four to ninety five percent of the U.S. you bet your ass. They could be and they are our enemies.
Sep 7, 2011 at 9:09 PM | Unregistered CommenterSagebrush
What did you expect them to do? Obey the law...
Sep 8, 2011 at 1:42 AM | Unregistered CommenterS. Gompers
Law!!! What Law?

Big Business, Federal Government, and the elite are Divine Entities, and as such are above the Laws of the Have Not Multitude.

Almost everybody in Washington D.C. knows that.
Sep 8, 2011 at 11:13 AM | Unregistered CommenterSagebrush
In a "Corporatocracy", the "law" only applies to us Sagebrush. The rest is just "good business".

Is it right? Of course not. But it is what the masses wanted, watch as they clamor for the great distractions of our day instead of caring about what is right, just, and ethical.
Sep 8, 2011 at 6:03 PM | Unregistered CommenterS. Gompers
Sad but true Gompers, very sad, very true.
Sep 8, 2011 at 8:18 PM | Unregistered CommenterSagebrush
Yes Sagebrush, and today started the football season just in time for election season...

So will there be more calls for justice, or more calls for pizza delivery, that is the true question of our time.
Sep 9, 2011 at 1:39 AM | Unregistered CommenterS. Gompers
It would appear that the airhead, couch potato, american majority is going to fully absorb the MSM propaganda brainwashing in between plays and allow the Corporacratic, Democrat, and Republican parasites to loot the remaining wealth of the middle class.
You know, kind of like a play action pass to hand all the wealth to the elite.
Sep 9, 2011 at 12:12 PM | Unregistered CommenterSagebrush
Just remember, there are no conspiracies...

Things just have a "funny" way of working out this way.
Sep 9, 2011 at 1:52 PM | Unregistered CommenterS. Gompers

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