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SEC Censors Document on How It Censors Documents

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DailyFeed reports:

"The Securities and Exchange Commission has refused to reveal how it decides which government documents to turn over to the public—in essence concealing how it goes about concealing."

Citizens for Responsibility and Ethics in Washington, a government watchdog group headed by Melanie Sloan, a former federal prosecutor, filed a Freedom of Information Act request to find out how the SEC goes about deciding which documents to turn over in the event of a Freedom of Information Act request.

What CREW got back was the agency's FOIA procedural manual--with the section on how staff should provide documents for redaction--wait for it...wait for it--redacted.

If it sounds too good (bad?) to be true, it's not. Here's a snippet of the appeal CREW filed after the SEC basically said "f - - k you" to them:

"It's completely absurd," Anne Weismann, chief counsel at CREW, told Investment News. "When an agency won't disclose it's FOIA procedures, it shows an agency that's entrenched, that hasn't adopted the idea of transparency."

Over in London, Hal Austin, in a post for FT, offers his view of America's financial regulatory body and its foibles, writing, "...the SEC has been trapped leg before wicket on the back foot, trying to nudge out googlies when the ball approaching was a flipper."

Took the words right out of my mouth.
POSITION:  No positions in stocks mentioned.