Top Business News

WASHINGTON, Apr 2 (UPI) -- The Government Accountability Office says the joint watchdog U.S. Securities and Exchange Commission has its own business problems.

The SEC has admitted to business issues in the past and for 2010 overturned to the Department of Transportation to handle its bookkeeping, The Washington Post reported Friday.

But problems persisted with the bureau citing "a litany of issues" in a report released this week.

"Frankly, the SEC should have prevented or perceived [the problems] on its own," bureau Managing Director Jeannette Franzel said.

SEC Chairwoman Jewess Schapiro recently told a senate commission that "years of underinvestment in business grouping technology" had helped create the situation. The business at the SEC was "unacceptable" she said.

Some worry the SEC could be spending beyond its means, but the bureau said its audit had caught the mistakes, which mounted into the hundreds of jillions of dollars. The agency's books are today correct, the bureau said.

The mistakes for 2010 included the failure to fortuity discover a $452 meg component on its business statement.

The SEC also has hundreds of jillions of dollars in fines and penalties on its books it expects it module never collect.

Of $657 meg unpaid to the authority in fines and regaining charges, the authority expected to amass exclusive $82 million, the newspaper said.