Bear Stearns report highlights delays that could have affected bank's collapse
The SEC's reviews of company filings are often delayed and not as effective as they could be, an internal audit has found.
A report by inspector general David Kotz, released on Friday, said that a review of the oversight of Bear Stearns had revealed the problem.
The SEC took more than 13 months to review a Bear Stearns filing about its exposure to subprime, Financial Week reported. The delay included a three and a half month filing extension that the SEC had granted.
The information could have helped 'dispel the rumours that led to Bear Stearns’s collapse,' the report said.
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