Wall Street Crimes Going Under the Veil

August 18 00:00 2011

New York, August 18 (thealphareporter.com) – Systematic destruction of records of preliminary investigations into Wall Street crimes has been done by the Securities and Exchange Commission (SEC) for the past two decades. As a result of this whitewashing of files, some of the worst past financial wrongdoings of insider trading, market manipulation, and fraud by companies like Goldman Sachs, AIG, and Deutsche Bank have disappeared forever.

According to a whistleblower, SEC had been working with National Archives and Records Administration to perpetrate this elimination of investigation records of Wall Street crimes. It has also come to light that the destroyed files regarding Wall Street crimes involved individuals and companies that had been instrumental in the economical meltdown of 2008. The prominent investigation records that were eliminated included financial frauds by Lehman Brothers, con artiste Bernie Madoff, Goldman Sachs, and the hedge fund SAC Capital.

The government has been criticized for its failure to police these Wall Street crimes and for not prosecuting any senior Wall Street executive for the same although there was sufficient evidence to prove the crimes that led to the economic meltdown. The whistleblower has further revealed that the elimination of investigation records by SEC was much more than a mere administrative or bureaucratic bungling. There is growing resentment against the SEC and demand for proper explanation from its side is growing by the day.