Posted by: tristar3research | May 4, 2009

SEC: No Intregrated Ability to Cross-reference Fraud Cases! UFB!

Hat Tip to buddy Michele Leder for an amazing revelation last week about the modern ?? SEC- no integrated database analysis of where leads come from and who they repeatedly finger!! Hello, Bernie Madoff wet dream!! It’s absurd for hedge fund and intelligence types like me to assume that all the current IT technologies and software have been adopted by the public sector, but come on!! Look at Onvia, i2 Analyst, IFS, bCisive- any of the great business intelligence tools and apply them!!

Monday, Apr 27, 2009 at 1:09 pm by Michelle Leder
Live blogging Mary Schapiro speech at SABEW

mary schapiroMary Schapiro just started speaking to the Society of American Business Editors and Writers convention in Denver.  12:54: Final question on what SEC is doing to make sure that those thousands of complaints are winding up on the right desk and how that’s being coordinated with regional offices.

Says she asked the staff to give her a catalog of where tips come in from. They come in about 40 different ways and no master database to track them (really????). No ability to mine the data and see that there’s a complaint in Boston, in Miami. Says she hired a contractor to build system.

$700T in toxic assets

$700T in toxic assets-Get Busy!

Last year SEC got 750,000 tips and will never be able to follow up on all. Need to be able to connect the dots to be more effective. Going to ask Congress for Whistle Blower authority. “If we can reward people who bring us well-thought through cases where we can prosecute the case and get a fine” like IRS and others, will help us separate the wheat from the chaff. Only available now for insider trading and hasn’t been very successful.  “My goal is to ensure that we don’t miss the next Bernie Madoff.”

You have got to be kidding me! 750K of traffic is nothing compared to any robust BI system input volume. How about a lack of policital will to tackle the problems?

Michele correctly points out and check out her great site: Here’s a link to Schapiro’s speech to the group. But as with any conference call, the Q&A is always much more interesting.


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