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Monday, February 27, 2006

Dusting Off Some of the SEC's Web Archives

I recently was going through the oldest Litigation Releases available on the SEC website (1995 and 1996) and noticed a few things I thought were interesting:

1.  According to the Note at the bottom of the list of 1995 releases, the SEC's website was born on September 28, 1995.  This occurred during my time at the SEC in the Division of Enforcement but, oddly enough, I have no memory of the website being rolled out.  I do recall that for a long time--probably extending well into 1996--we did not have access to the Internet at our desks, but rather needed to go into a separate "Ticker Room" where a computer with Internet access was available alongside a Bloomberg machine and a Dow Jones News hook-up.

2. On November  15, 1995, less than two months after the SEC's website went live, the SEC issued what appears to be its first Litigation Release referencing the Internet.  I particularly like the old-school capitalization ("InterNet") used in the Release and the fact that a detailed explanation of the Internet was very much necessary back then:

As detailed in the Complaint, beginning in or about May 1995 through the present, Frye has posted numerous messages on the InterNet, a decentralized web of computers, accessible to millions of potential investors across the country and world-wide, in which Frye has solicited funds from investors.

3.  Although the SEC appears to have abandoned this practice today (see my post asking why here), there was a time that the SEC issued Litigation Releases about both its victories and its losses.  In this Litigation Release from December 1996, for instance, the SEC announced that a federal court in Texas had granted a defendant's motion for summary judgment in an insider trading case.  The Release candidly states that the court "ruled that the earnings information in Mr. Hoover's possession was not material.  On October 3, 1995, the Court entered a Final Judgment in favor of Mr. Hoover."

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