Document Shredding: Why SEC's Defense Won't Fly
Just a quick note about the "Shredded Justice" story, as I’ve had a couple of questions about some of the SEC’s responses to the story.
Several readers pointed to this story in which SEC spokesman John Nester said this:
"We do keep records of our MUI's and they're available to our investigators to learn about previous work on matters that have been reviewed."
Just so readers understand, the SEC in my communications with them on this story drew a distinction between the words records and documents. According to the SEC, they do maintain "records" of Matters Under Inquiry, and by that they appear to mean the line-item entries of the sort Darcy Flynn forwarded to members of congress, an example of which might be:
Party MUI # Open Close ` Issue
Wells Fargo MSF-03174 8/24/07 10/23/07 Fraud /Issuer Disc.
So they keep that "record." On the other hand, any documents obtained in connection with the MUI would have been disposed of. So any documents gathered during the brief life of that preliminary investigation – any evidence gathered – would have been tossed. Just wanted readers to be aware and not be confused by any quotes in which the SEC claims it does, in fact, keep "records."
Around the Web
Around the Web
Mental Floss10 Messages Hidden in the Background of Movies and TV Shows
Salon10 Insane Climax Tips
DiffuserThe 10 Nastiest Feuds In Alternative Music
Guitar WorldTop 10 Greatest Rock and Roll Song Endings of All Time
Cracked6 Hit Songs That Destroyed The Bands They Made Famous
SalonThe 15 Most Hated Bands Of The Last 30 Years
- 50 Wildest Guns N' Roses Moments
- Watch Adele, Fallon, Roots Sing 'Hello' With Classroom Instruments
- Queen's Tragic Rhapsody
- The Inside Story of David Bowie's Stunning New Album, 'Blackstar'
- Watch Captain America Fight Iron Man in First 'Civil War' Trailer
- Watch Justin Bieber Sing in the Rain During 2015 AMAs Finale
- UFC's Conor McGregor: 'Donald Trump Can Shut His Big Mouth'
- 10 Things We Learned From Carly Simon's Revealing New Memoir