Today's Article
The Securities and
Exchange Commission
has failed to
implement 224
recommendations
submitted by its
Inspector General
since December 2007.
Exchange Commission
has failed to
implement 224
recommendations
submitted by its
Inspector General
since December 2007.
The American Spark
 |
 |
 |
 |
 |
SEC Still Practices Poor Wall Street Oversight, Says Watchdog
By Cliff Montgomery - Dec. 22nd, 2009
The Securities and Exchange Commission (SEC) has failed to implement 224 recommendations submitted by
its Inspector General since December 2007--or more than 60% of those findings over the last two years,
according to the Project On Government Oversight (POGO), a government watchdog group.
POGO last week revealed its concerns in a letter sent to SEC Chairman Mary Schapiro. The watchdog group
obtained its information through documents released via a Freedom Of Information Act request.
The documents reveal that hundreds of recommendations from the agency's Office of Inspector General
(OIG) either have not been implemented or have been ignored since late 2007.
The documents thus appear to show that the SEC has done little to reform its poor oversight of Wall Street,
and has done equally little to hold agency officials accountable if they break the rules.
If that weren't bad enough, these revelations come as Congress considers handing over to the SEC a host of
new regulatory responsibilities.
“For an agency that’s recovering from the worst failure in its history, the SEC’s decision to ignore so many of
the Inspector General’s recommendations is simply astonishing,” POGO Executive Director Danielle Brian
declared in a statement.
In the letter sent to Chairman Schapiro, POGO called on top SEC officials to fully implement the Inspector
General's most important recommendations.
“If SEC officials are serious about protecting investors from the next Madoff, this long list of unimplemented
recommendations should serve as a wake-up call and a roadmap for reform,” added Danielle Brian.
The American Spark provides its readers with a copy of the letter sent to Chairman Schapiro last week, as well
as links to two especially interesting documents which POGO obtained from the SEC through the Freedom Of
Information Act.
One link provides access to a document revealing the "Recommendations made in SEC OIG reports of
investigation since December 2007"; the other chronicles the "Recommendations made in SEC OIG audits
since December 2007."
Like what you're reading so far? Then why not order a full year (52 issues) of The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
By Cliff Montgomery - Dec. 22nd, 2009
The Securities and Exchange Commission (SEC) has failed to implement 224 recommendations submitted by
its Inspector General since December 2007--or more than 60% of those findings over the last two years,
according to the Project On Government Oversight (POGO), a government watchdog group.
POGO last week revealed its concerns in a letter sent to SEC Chairman Mary Schapiro. The watchdog group
obtained its information through documents released via a Freedom Of Information Act request.
The documents reveal that hundreds of recommendations from the agency's Office of Inspector General
(OIG) either have not been implemented or have been ignored since late 2007.
The documents thus appear to show that the SEC has done little to reform its poor oversight of Wall Street,
and has done equally little to hold agency officials accountable if they break the rules.
If that weren't bad enough, these revelations come as Congress considers handing over to the SEC a host of
new regulatory responsibilities.
“For an agency that’s recovering from the worst failure in its history, the SEC’s decision to ignore so many of
the Inspector General’s recommendations is simply astonishing,” POGO Executive Director Danielle Brian
declared in a statement.
In the letter sent to Chairman Schapiro, POGO called on top SEC officials to fully implement the Inspector
General's most important recommendations.
“If SEC officials are serious about protecting investors from the next Madoff, this long list of unimplemented
recommendations should serve as a wake-up call and a roadmap for reform,” added Danielle Brian.
The American Spark provides its readers with a copy of the letter sent to Chairman Schapiro last week, as well
as links to two especially interesting documents which POGO obtained from the SEC through the Freedom Of
Information Act.
One link provides access to a document revealing the "Recommendations made in SEC OIG reports of
investigation since December 2007"; the other chronicles the "Recommendations made in SEC OIG audits
since December 2007."
Like what you're reading so far? Then why not order a full year (52 issues) of The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
Wait, why does an
independent news source
run advertisements? The
Spark answers in its
advertising policy.
independent news source
run advertisements? The
Spark answers in its
advertising policy.
* Please check out our ads--they
help keep this news site running.
Thanks!
help keep this news site running.
Thanks!