Why Asset Allocation Advisors Cannot Lose Two Years of Emails

How does a business or agency of the federal government lose two years of an individual’s emails?

Asset Allocation Advisors is required by the federal government (United States Securities and Exchange Commission) to retain the prior six years of emails sent and received.

We, as do most businesses, have an email retention system that is "triple redundant":

1. Each email account has auto archive back-ups on our own individual computers,

2. A complete, secure electronic back-up of all emails is saved on the servers of our third-party email system vendor, and

3. A physical back-up is retained by our firm using CDs (similar to what you use to play music).

Déjà vu all over again!

1974: President Nixon’s personal secretary, Rose Mary Woods, testified that while transcribing audio tapes of the President’s conversations within his office, she “inadvertently” erased five minutes of what turned out to be an 18-1/2 minute audio-tape gap. (Hmmm... Don’t even ask about the other 13-1/2 minutes.) The missing 18-1/2 minutes pertained to important information concerning the infamous Watergate scandal.

2014: The IRS recently announced it "lost" two years of IRS department head Lois Lerner's emails sent to and received from outside the IRS. Coincidentally, the two years that vanished span 2009-2011, the period of scrutiny for her questionable activities.  

Is it asking too much that federal agencies, including the IRS, adopt the same federally mandated email retention requirements imposed upon our financial advisory firm?  Why should the federal government be exempt from laws and rules they impose on others? Or, are back-up redundancies like ours already in place at the IRS, but somehow they were breached?

© Asset Allocation Advisors, Inc. 2014