The Securities and Exchanges Commission is in the firing line again with departing SEC commissioner Cynthia Glassman saying the SEC, the body that's supposed to enforce standards for financial reporting by companies, is a dud when it comes to basic economics.

You can read the report here.

According to Glassman, there is a need for real cost benefit analysis when it comes to rulemaking and enforcement. The SEC's botched rulemaking attempts for mutual funds and hedge fund registration were cited as cases in point.

Glassman's comments are interesting in the context of a report from the Government Accountability Office not that long ago slating the SEC for sloppy internal controls.

The report is covered in a blog I did earlier this year.

If the SEC were a company, it would be in deep water.