That's a question that the National Archives, the Senate and the SEC Inspector General are trying to answer with regards to the SEC's destruction of records of preliminary investigations which did not go any further. They are also concerned that the destruction of these records may have made subsequent investigations more difficult, if not impossible.
Since there is a fair chance that SEC staffers may leave to join a financial firm, there is a whiff of chicanery in these actions.
This is also another case of "do as I say, not as I do" in that the SEC demands that the firms they monitor keep very good records for eternity.
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