Image by CC Chapman An explosive new report in Rolling Stone magazine exposes how the US Securities and Exchange Commission destroyed records of thousands of investigations, whitewashing the files of some of the nation’s largest banks and hedge funds, including AIG, Wells Fargo, Lehman Brothers, Goldman Sachs, Bank of America and top Wall Street broker Bernard Madoff.
Last week, Republican Sen. Chuck Grassley of Iowa said an agency whistleblower had sent him a letter detailing the unlawful destruction of records detailing more than 9,000 information investigations. Democracy now (www.democracynow.org) spoke with Matt Taibbi, the political reporter for Rolling Stone magazine who broke this story in his latest article, "Is the SEC Covering Up Wall Street Crimes?"
Here is a taste of his article which was featured on www.rollingstone.com Click on the provided link to read more.
"The SEC’s response finally did come down the pipeline yesterday, via the usual source – the New York Times’ banker-sponsored Dealbook blog, which is fast becoming the official mouthpiece of all guilty Wall Street. Although the Times in general has been home to some outstanding investigative journalism with regard to the financial services industry, the Dealbook blog occasionally feels like a thinly-disguised PR vehicle. This is one of those times, as Professor Peter Henning of Wayne University has now submitted what reads like a lengthy apologia on behalf of the SEC. "
"The actual document destruction, which ended last year, probably had no significant effect on any continuing investigations because it only applied to inquiries dropped early. The greater effect is more likely to be on the S.E.C.’s reputation as a credible law enforcement agency, especially in cases involving corporate internal controls"
READ MORE - www.rollingstone.com www.democracynow.org
Last week, Republican Sen. Chuck Grassley of Iowa said an agency whistleblower had sent him a letter detailing the unlawful destruction of records detailing more than 9,000 information investigations. Democracy now (www.democracynow.org) spoke with Matt Taibbi, the political reporter for Rolling Stone magazine who broke this story in his latest article, "Is the SEC Covering Up Wall Street Crimes?"
Here is a taste of his article which was featured on www.rollingstone.com Click on the provided link to read more.
"The SEC’s response finally did come down the pipeline yesterday, via the usual source – the New York Times’ banker-sponsored Dealbook blog, which is fast becoming the official mouthpiece of all guilty Wall Street. Although the Times in general has been home to some outstanding investigative journalism with regard to the financial services industry, the Dealbook blog occasionally feels like a thinly-disguised PR vehicle. This is one of those times, as Professor Peter Henning of Wayne University has now submitted what reads like a lengthy apologia on behalf of the SEC. "
"The actual document destruction, which ended last year, probably had no significant effect on any continuing investigations because it only applied to inquiries dropped early. The greater effect is more likely to be on the S.E.C.’s reputation as a credible law enforcement agency, especially in cases involving corporate internal controls"
READ MORE - www.rollingstone.com www.democracynow.org
