brandymac27 Posted August 18, 2011 Share Posted August 18, 2011 http://www.washingtonpost.com/business/economy/sec-accused-of-dumping-records/2011/08/17/gIQAKxF7LJ_story.html?wprss=rss_politics The SEC has violated federal law by destroying the records of thousands of enforcement cases in which it decided not to file charges against or conduct full-blown investigations of Wall Street firms and others initially suspected of wrongdoing, a former agency official has alleged. The purged records involve major firms such as Goldman Sachs, Citigroup, Bank of America, Morgan Stanley and hedge-fund manager SAC Capital, the former official claimed. At issue were suspicions of actions such as insider trading, financial fraud and market manipulation. The allegations come at a time when the Securities and Exchange Commission faces criticism that it has pulled punches or missed warning signs in its policing of Wall Street. A file closed in 2002 involved Lehman Brothers, the investment bank whose collapse fueled the financial meltdown of 2008, according to the former official. A file closed in 2009 involved suspected insider trading in securities related to American International Group, the insurance giant bailed out by the government at the height of the financial crisis, the former official wrote. Others involved Bernard Ma*doff, whose multibillion-dollar Ponzi scheme the agency failed to stop despite repeated tips. The allegations were leveled in a July letter to Sen. Charles E. Grassley (R-Iowa) from Gary J. Aguirre, a former SEC enforcement lawyer now representing a current SEC enforcement lawyer, Darcy Flynn. Flynn last year began managing SEC enforcement records and became concerned that records that were supposed to be preserved under federal law were being purged as a matter of SEC policy, Aguirre wrote. Flynn contacted the National Archives and Records Administration, which sent a letter to the SEC saying it appeared there had been “an unauthorized disposal of federal records,” Aguirre wrote. Click link for more http://www.washingtonpost.com/business/economy/sec-accused-of-dumping-records/2011/08/17/gIQAKxF7LJ_story.html?wprss=rss_politics Link to comment Share on other sites More sharing options...
PCS Posted August 18, 2011 Share Posted August 18, 2011 As if things weren't ugly enough on The Street already. Goodness. Link to comment Share on other sites More sharing options...
LeesburgSkinFan Posted August 18, 2011 Share Posted August 18, 2011 Now it's going to be next to impossible to get questions answered in the Cam Newton case. Link to comment Share on other sites More sharing options...
daveakl Posted August 18, 2011 Share Posted August 18, 2011 Now it's going to be next to impossible to get questions answered in the Cam Newton case. hahaha, that's exactly what I was thinking. USC, OSU, UNC, UM, and now the entire SEC. Link to comment Share on other sites More sharing options...
FanboyOf91 Posted August 18, 2011 Share Posted August 18, 2011 Link to comment Share on other sites More sharing options...
KDawg Posted August 18, 2011 Share Posted August 18, 2011 Again, it happens every where... And now we're finding out about it. College football is in a ton of trouble. Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 18, 2011 Share Posted August 18, 2011 Can we just stop pretending that we are educating athletes already. It's pretty obviously a joke. Let kids play right out of high school. I don't agree with that, but the current system is such an obvious joke. Link to comment Share on other sites More sharing options...
PCS Posted August 18, 2011 Share Posted August 18, 2011 Guess we know who read the OP,(I guess it does say SEC so there's almost a pass for that). Link to comment Share on other sites More sharing options...
Duckus Posted August 18, 2011 Share Posted August 18, 2011 I know it is not realistic but I wish authorities treated financial crime like they do drug dealers or other criminals. Bring a SWAT truck. Break down their doors at 4am drag them out in cuffs at gun point, trash their homes and interigate them for hours. Make them look like fools. Do it all publicly. Put there photos up on the news - "Top 10 Finacial criminals." I would have paid anything for us to do that to the CEOs and executives right after the crash. **** brining them before Congress for a "lecture." Bring a helicopter, land it on the roof of their mansion and storm that **** with SWAT and drag them out infront of 100 cameras. Treat them like the trash they are. /rant Yes, I know that is crazy and will never happen Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted August 18, 2011 Share Posted August 18, 2011 I know it is not realistic but I wish authorities treated financial crime like they do drug dealers or other criminals. Bring a SWAT truck. Break down their doors at 4am drag them out in cuffs at gun point, trash their homes and interigate them for hours. Make them look like fools. Do it all publicly. Put there photos up on the news - "Top 10 Finacial criminals." I would have paid anything for us to do that to the CEOs and executives right after the crash. **** brining them before Congress for a "lecture." Bring a helicopter, land it on the roof of their mansion and storm that **** with SWAT and drag them out infront of 100 cameras. Treat them like the trash they are. /rant Yes, I know that is crazy and will never happen It's not crazy because it's true. Law enforcement treats financial crime with a wink and a nod, when they should get hit with RICO type laws because of the massive impact that their crimes have. Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 18, 2011 Share Posted August 18, 2011 Guess we know who read the OP,(I guess it does say SEC so there's almost a pass for that). Yeah, not me. My comment still stands though, college is nothing more than business. If it's corrupt, no surprise. It's been obvious for a long time, if it goes a little deeper than previously thought, it's no surprise. Link to comment Share on other sites More sharing options...
Larry Posted August 18, 2011 Share Posted August 18, 2011 Guess we know who read the OP,(I guess it does say SEC so there's almost a pass for that). Actually, I was wondering if we needed a board rule, similar to the "(blog)" rule, requiring "SEC disambiguation". Although it's also possible that people are simply having fun, here. Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted August 18, 2011 Share Posted August 18, 2011 Guess we know who read the OP,(I guess it does say SEC so there's almost a pass for that). LOL, yeah I think the first couple were tongue in cheek but then by the 4th and 5th I knew some weren't reading. Link to comment Share on other sites More sharing options...
PCS Posted August 18, 2011 Share Posted August 18, 2011 LOL, yeah I think the first couple were tongue in cheek but then by the 4th and 5th I knew some weren't reading. Yep. Started off funny then.....got funnier,(at the expense of a couple of members). I thought of changing the thread title Larry,then decided to be a hard ass. "Read the damn op!" :mad: I probably need more coffee. Link to comment Share on other sites More sharing options...
Bang Posted August 18, 2011 Share Posted August 18, 2011 Laws? We don't need no steenking laws! Country? We laugh at country! We use country like toilet paper! Now shut up and take it, suckers! Honestly, these ****s that run the finances in this country do whatever the **** they want, rob us, cheat us, **** us over all they want, and NO ONE CAN STOP THEM. Here's the agency supposed to keep them in check straight up aiding and abetting them. We're just ****ed. That's all. I'm really starting to wonder if there is anything that can be done about it outside of horrifying violence. Every attempt to use the law fails, they own the law. Off with some ****ing heads already. ~Bang Link to comment Share on other sites More sharing options...
Larry Posted August 18, 2011 Share Posted August 18, 2011 Yep. Started off funny then.....got funnier,(at the expense of a couple of members). I thought of changing the thread title Larry,then decided to be a hard ass. "Read the damn op!" :mad: I probably need more coffee. Yeah, it's kind of like the Onion threads where people don't get the joke. Why ruin it? Link to comment Share on other sites More sharing options...
zoony Posted August 18, 2011 Share Posted August 18, 2011 Can we just stop pretending that we are educating athletes already. It's pretty obviously a joke. Let kids play right out of high school. I don't agree with that, but the current system is such an obvious joke. :rotflmao: :rotflmao: BTW, why is Madoff spelled with an asterix in the OP? Ma*doff... is there something I'm missing Link to comment Share on other sites More sharing options...
DCsportsfan53 Posted August 18, 2011 Share Posted August 18, 2011 I'm with you Bang. You know it's bad when you already assumed this was going down and you assume it's 10 times worse than what's being reported now. I have zero faith in the integrity of almost any part of our gernmental system at this point. It's all a sham. Something really, really drastic is going to have to take place in order for any real change to happen. Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 18, 2011 Share Posted August 18, 2011 Laws? We don't need no steenking laws! Country? We laugh at country! We use country like toilet paper! Now shut up and take it, suckers!Honestly, these ****s that run the finances in this country do whatever the **** they want, rob us, cheat us, **** us over all they want, and NO ONE CAN STOP THEM. Here's the agency supposed to keep them in check straight up aiding and abetting them. We're just ****ed. That's all. I'm really starting to wonder if there is anything that can be done about it outside of horrifying violence. Every attempt to use the law fails, they own the law. Off with some ****ing heads already. ~Bang Maybe we should give them a lot of our tax money. Link to comment Share on other sites More sharing options...
Destino Posted August 18, 2011 Share Posted August 18, 2011 This does not surprise me at all. The world almost collapsed into a never before seen financial crisis and no one was ever charged or arrested. Link to comment Share on other sites More sharing options...
McD5 Posted August 18, 2011 Share Posted August 18, 2011 I know it is not realistic but I wish authorities treated financial crime like they do drug dealers or other criminals. Bring a SWAT truck. Break down their doors at 4am drag them out in cuffs at gun point, trash their homes and interigate them for hours. Make them look like fools. Do it all publicly. Put there photos up on the news - "Top 10 Finacial criminals." Treat them like the trash they are. /rant Yes, I know that is crazy and will never happen ??? That's exactly what they did after the internet stocks crashed. They cuffed people on live tv, and each scumbag arrested would send the Dow up 100 points. This time they won't, because of the housing crisis, and too many dirty politicians are involved. Mainly the Barney Frank types. Link to comment Share on other sites More sharing options...
Forehead Posted August 18, 2011 Share Posted August 18, 2011 Does anyone know what the law is for keeping records? I work for an agency (Not the SEC) that deals with sensitive information, but after a certain period of time, it is not retained and is destroyed in accordance with law. I note that one of the files mentioned in the OP is from 2002, which would be past the timeframe we are under. The 2008 and 2009 cases would still be within it. Again, we handle different information, but I am curious what laws the SEC is under as far as retaining information. Link to comment Share on other sites More sharing options...
Prosperity Posted August 18, 2011 Share Posted August 18, 2011 The *******s that work for the SEC are the same *******s they are supposed to be regulating. It's a revolving door. rat ****ing ****s... nothing is going to come of this and we will all forget as these parasitic ****s ruin our country Link to comment Share on other sites More sharing options...
Predicto Posted August 18, 2011 Share Posted August 18, 2011 I wish the article told us how many years this practice has been going on. Perhaps they don't know yet. Link to comment Share on other sites More sharing options...
HOF44 Posted August 18, 2011 Share Posted August 18, 2011 Does anyone know what the law is for keeping records? I work for an agency (Not the SEC) that deals with sensitive information, but after a certain period of time, it is not retained and is destroyed in accordance with law. I note that one of the files mentioned in the OP is from 2002, which would be past the timeframe we are under. The 2008 and 2009 cases would still be within it.Again, we handle different information, but I am curious what laws the SEC is under as far as retaining information. From the article. Aguirre said federal law required that documents typically generated in preliminary inquiries be kept for 25 years. Link to comment Share on other sites More sharing options...
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