Tuesday, June 21, 2011

"Deeply Flawed” Lease (SEC) Costs Taxpayers $557 Mil

"Deeply Flawed” Lease (SEC) Costs Taxpayers $557 Mil...In a classic example of how the government blows taxpayer money, the federal agency responsible for protecting investors and preserving market integrity dropped nearly $557 million on office space it will never use and lied to cover up the wrongdoing....It gets better. The Securities and Exchange Commission (SEC) used a rather innovative system to determine how big its new fancy headquarters should be, according to an official at the agency. It’s called WAG, which stands for “wild-ass guess.”


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