In the latest of many scandals to rock the Securities and Exchange Commission (SEC), a former assistant inspector general is suing the agency claiming that he was fired for reporting wrongdoing, including security breaches and misconduct among top officers.
It’s yet another black eye for the famously inept federal agency charged with policing the nation’s financial industry. Over the last few years the SEC has made headlines for a variety of shameful transgressions, including high-ranking managers spending work hours gawking at pornography web sites on their government computers. Among them were senior officers with lucrative six-figure salaries.
The beleaguered agency has also come under fire for wasting nearly $557 million on luxurious office space it will never use and lying to cover up the wrongdoing. A few years ago the Justice Department investigated two high-ranking SEC enforcement officials—both of them attorneys—for illegal insider trading. In the course of that probe, authorities discovered that the SEC has no compliance system in place to ensure that employees with tremendous amount of nonpublic information don’t engage in insider trading.
Then there was the botched investigation of the largest Ponzi scheme in history. The incompetent SEC investigator who missed Bernie Madoff’s illegal, $50 billion Ponzi scheme actually got a cash bonus for his good work. A scathing SEC Inspector General report exposed this atrocity and outlined how the agency failed miserably to catch Madoff, who defrauded investors out of billions and eventually pleaded guilty to 11 felonies.
Read More: Judicial Watch