Wednesday, June 16, 2010

SEC: Government Destroyed Documents Regarding Pre-9/11 Put Options

From Washington's Blog





Specifically, David Callahan - executive editor of SmartCEO - submitted a Freedom of Information Act request to the SEC regarding the pre-9/11 put options.


The SEC responded:

"This letter is in response to your request seeking access to and copies of the documentary evidence referred to in footnote 130 of Chapter 5 of the September 11 (9/11) Commission Report.

***

We have been advised that the potentially responsive records have been destroyed."

If the SEC had responded by producing documents showing that the pre-9/11 put options had an innocent explanation (such as a hedge made by a smaller airline), that would be understandable.

If the SEC had responded by saying that the documents were classified as somehow protecting proprietary financial information, I wouldn't like it, but I would at least understand the argument.

But destroyed? Why?

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