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WEDNESDAY, NOVEMBER 25, 2009
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SEC Shuts Down Online Terror List

Web tool designed to spotlight companies trading with terror sponsors

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(Newser) – The SEC is taking down an online list used to expose companies that do business with countries affiliated with terrorism after critics charged that the Web tool made false accusations and wasn't up to date. "It was basically a word-search list," a US official tells the Wall Street Journal. "There was nothing the least bit sophisticated about it."

Users were able to click on the five "state sponsors of terrorism" and see a list of public companies engaging in business there, including information from their annual reports. Congressmen denounced the tool as more and more inaccurate information showed up on the list; for instance, Immtech Pharmaceuticals was listed for merely describing clinical trials in Sudan.

Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, and his fellow commissioners, from left, Annette Nazareth, Paul Atkins, Roel Campos and Kathleen Casey, listen to opening remarks on Capitol Hill in Washington, Tuesday, June 26, 2007, during a hearing of the House Financial Services Committee. (AP Photo/Susan Walsh)
Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, and his fellow commissioners, from left, Annette Nazareth, Paul Atkins, Roel Campos and Kathleen Casey, listen to opening remarks...   (Associated Press)
SEC Commissioners Testify On Oversight Of Financial Markets
SEC Commissioners Testify On Oversight Of Financial Markets   (Getty Images)
Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, presents his opening statement to the House Financial Services Committee hearing on Capitol Hill in Washington, Tuesday, June 26, 2007. Fellow commissioner Roel Campos listens at right. (AP Photo/Susan Walsh)
Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, presents his opening statement to the House Financial Services Committee hearing on Capitol Hill in Washington, Tuesday, June...   (Associated Press)
Securities and Exchange Commission (SEC) Chairman Christopher Cox answers a question while testifying on Capitol Hill in Washington, Tuesday, June 26, 2007, before a House Financial Services Committee hearing. (AP Photo/Susan Walsh)
Securities and Exchange Commission (SEC) Chairman Christopher Cox answers a question while testifying on Capitol Hill in Washington, Tuesday, June 26, 2007, before a House Financial Services Committee...   (Associated Press)
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