SEC Commits Taxpayer to Needless And Possibly Illegal $550 Million Real Estate Lease [Stop the Scam]

ATR ^ | 2011-06-17 | Jon Mahaffey

[92nina]

The leadership at the U.S. Securities Exchange Commission interpreted the Dodd-Frank financial-overhaul law last July to mean that the SEC would secure funding to spend money however the SEC saw fit. This included signing a 900,000 square foot lease with no Program of Requirements in three days for an elegant, downtown Washington DC office building. Thankfully, the money to fund the 900,000 square foot lease was shot down in the Fiscal Year 2011 Budget that passed earlier this year. However, the SEC still jumped the gun back in July 2010 by signing the 900,000 square foot lease at the taxpayers expense to the tune of $550 million dollars in lease obligations. Yesterday, a Congressional hearing conducted by the House Subcommittee on Economic Development, Public Buildings and Emergency Management severely scrutinized the $550 million lease. During the hearing, Subcommittee Chairman Rep. Jeff Denham (R-CA) stated that the “half-a-billion-dollar lease for space…goes far beyond mismanagement.” The SEC’s mismanagement comes with significant legal and political consequences in light of the SEC Inspector General’s investigation into the SEC’s leasing practices. The SEC IG found the following...

Read more: http://www.atr.org/sec-commits-taxpayer-needless-possibly-illegal-a6255#ixzz1PZ6YisCY

[92nina]

The SEC will soon be auditioning for the "Naked Gun" remake.

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