December 22, 2009
Oversight Group Charges SEC Delay in Implementing OIG Recommendations
The Project On Government Oversight (POGO), an independent nonprofit that investigates and exposes government corruption and other misconduct, charged in a Dec. 16, 2009 letter to SEC Chair Schapiro that the agency has been dragging its feet on 224 recommendations (over 60%) made by the Office of Inspector General (OIG) since December 2007.
Documents obtained by POGO through a Freedom Of Information Act request show that hundreds of OIG recommendations have gone unimplemented over the last two years. Specifically, one document shows that the SEC has taken "no action” on 27 of 52 recommendations made by the OIG in its reports of investigation since December 2007, and a second document shows that 197 of the 312 recommendations made in the OIG’s audits since December 2007 are still listed as “pending,” including recommendations from the OIG’s audits on the Madoff case.
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