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SEC Attorney Blows the Whistle on Thousands of Destroyed Files- 08/17/11

This past July, SEC attorney Darcy Flynn decided to blow the whistle against the SEC, bringing its widespread destruction of records to the attention of Congress. Flynn reported that for the past two decades, the SEC has been destroying thousands of records involving preliminary investigations. But under a deal the SEC has with the National Archives and Records Administration, all agency records are required to be maintained for at least 25 years. It also turns out that many of the destroyed files were of companies who eventually came to play a significant role in the economic crash of 2008, including Goldman Sachs, Lehman Brothers, and Deutsche Bank.

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