SEC Internal Watchdog Details Procurement Waste

Law360, New York (February 10, 2011, 6:17 PM EST) -- The U.S. Securities and Exchange Commission's internal watchdog told a congressional panel Thursday that his office uncovered waste and inefficiencies in the commission's procurement and contracting efforts.

In testimony to the Subcommittee on Financial Services of the U.S. House Committee on Appropriations, SEC Inspector General H. David Kotz said the two largest areas of waste within the commission were in procurement and contracting costs and in real property leases and office moves.

His office made the determination after reviewing audit and investigative reports over the past...
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