All is not well at the Securities and Exchange Commission. Read through the report of the SEC Inspector General and weep. Shake your head in disgust because the report makes it clear that the there are problems all over the place at the SEC.

In relation to Bernard Madoff, the office of the inspector general ordered SEC officials cough up with e-mails of at least 27 SEC employees who had involvement with Madoff examinations or investigations. So far, it has come across 1.3 million emails. No doubt there will be more as we are nowhere near to resolving how the SEC botched that case up.

Other areas of investigation, as detailed in this report, cover such areas as SEC staff possibly engaging in insider trading, conflicts of interest, abusive behavior and using SEC computers to access pornography.

And this is meant to be the agency looking after investors and ensuring the market is clean. What a mess!