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SEC Computer System Not So Great For Catching Insider Trading

from the whoops dept

Wed, Dec 19th 2007 4:43pm — Mike Masnick

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.

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Filed Under: computers, congress, gao, insider trading, sec

3 Comments

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Big J, 19 Dec 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!
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JustMatt, 20 Dec 2007 @ 11:14am

Not surprising
See 'naked short selling'
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Jeff, 20 Dec 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.
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