-Caveat Lector-
Federal Reserve Destroyed Records
Of American Indian Assets
http://www.indianz.com
4-20-1
The court-appointed investigator in the billion dollar
trust fund lawsuit on Tuesday faulted a number of
Federal Reserve banks for destroying records
related to the trust assets of an estimated 300,000
American Indians throughout the country.
In a report filed with Judge Royce Lamberth, Special
Master Alan Balaran said that 29 out of 37 branch
offices in the Federal Reserve system have
reported destruction of records related to the
five-year old Cobell v. Norton lawsuit. Despite a
1999 court order requiring the Department of
Treasury to preserve trust documents, banks have
destroyed records as recently as March.
But the Treasury Department has been trying to
avoid being blamed for the oversight. In a motion
filed with the court, the Treasury said it had no
control over the actions of the Federal Reserve and
therefore shouldn't be faulted for the destruction.
Balaran agreed. He isn't letting the government off
the hook, however, and is faulting the Federal
Reserve instead.
"Given the center stage that issues concerning
document retention and preservation have occupied
in this litigation, this lack of oversight is profoundly
troubling," said Balaran of the Fed.
Balaran called the Reserve's overall record of
protecting the documents of American Indians
"abysmal."
While the Federal Reserve provides services to the
Treasury, it is not a party to the Cobell lawsuit. The
Federal Reserve is the central banking system of
the US government but is not an agency of the
Treasury, who has a trust responsibility to account
holders.
Still, the Treasury isn't challenging that it has failed
to inform properly agents of the Federal Reserve
who provide services to the department. As a result,
Federal Reserve officials authorized document
destruction on the "erroneous" belief they weren't
required to preserve them.
For two years now, document preservation has
been one of the key sticking points in the
five-year-old lawsuit. Secretary of Interior's trust
fund records office is currently being investigated
for its policies on preserving records.
Some of the documents date back to the late 1800s,
when the government created the trust accounting
system. It has failed to properly manage them since
then, said Lamberth in a landmark December 1999
ruling.
Elouise Cobell, the Blackfeet Nation of Montana
banker who is the lead plaintiff in the case said the
Special Master's findings validate yet another in a
long line of complaints they have lodged against the
government.
"Saying the government's actions are 'profoundly
troubling' is putting it politely," said Cobell. "Indians
-- we're the bottom of the barrel."
Relevant Links
Federal Reserve
http://www.federalreserve.gov
Trust Management Improvement Project
http://www.doi.gov/bia/trust/tmip.htm
Indian Trust: Cobell v. Norton
http://www.indiantrust.com
Reprinted under the Fair Use doctrine of
international copyright law.
http://www4.law.cornell.edu/uscode/17/107.html
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