Bombs in Regulators' FilesSubpoenas. Reprimands. Consent decrees. Sanctions. Hearings. Fines. Criminal charges. Consumer complaints. These are the kinds of documents in regulators' files that some executives hope you won't find.
The challenge in digging them out is that each federal and state agency makes this information public in varying degrees, and through a maze of websites and databases. To find the documents you are after, you need to know what agency regulates the business your prospective partner is in.
Information about a trash-hauling company, for example, might be filed with a local consumer bureau, a state environmental agency, an organized-crime commission or, if the company is public, with the SEC.
Another example: applications to states for economic-incentive loans are often available using a Freedom of Information Act request; and the borrower-companies may reveal financial information in these applications that's otherwise unavailable.
Obtaining the paperwork may be just the beginning. The best nugget in regulators' files is often the name of the government investigator on the case. A discreet conversation with that person can help you understand what's on the paper record.
