SEC Computer System Not So Great For Catching Insider Trading

from the whoops dept

Well if the FBI can have a terrible computer system that's useless at catching terrorists, should it really be much of a surprise that the SEC has a computer system that isn't particularly useful at catching insider trading? That, at least, is the word from the Government Accountability Office (GAO) in its latest report to Congress. Apparently the GAO found that the SEC's computer system can't even search referrals from its own investigators concerning insider trading. Of course, what's not clear (at least from the article) is how much the SEC paid for this computer system... and how much more it will cost to get one that's actually useful.


Reader Comments (rss)

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  1.  
    identicon
    Big J, Dec 19th, 2007 @ 7:34pm

    Oops

    ...and I'm sure that those in the SEC involved in getting this system in the first place were merely incompetent...no pressure to fuck up here!

     

    reply to this | link to this | view in thread ]

  2.  
    identicon
    JustMatt, Dec 20th, 2007 @ 11:14am

    Not surprising

    See 'naked short selling'

     

    reply to this | link to this | view in thread ]

  3.  
    identicon
    Jeff, Dec 20th, 2007 @ 11:32am

    sigh

    This kinda stuff isn't acceptable any more, not when you can just go get one of those ridiculous what-do-you-guys-think/what's-the-best-way-to articles posted on Slashdot and receive more advice from professional (and unprofessional) nerds than you ever needed or even wanted.

    Reminds me of the Colorado Department of Revenues network (the DMV uses this network), which recently received a major and expensive overhaul...and then it stopped working, and continues to go down at least twice a day with no moves being made to fix any of it.

     

    reply to this | link to this | view in thread ]


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