SEC violated procurement law by purchasing Apple equipment

The Washington Post reports that the U.S. Securities and Exchange Commission violated procurement law having purchased computer equipment in April, 2008. Total amount the SEC paid for equipment is almost $ 1 million. The SEC violated federal regulation then it avoided seeking competitive bids and placed order immediately with Apple. The SEC was seeking to purchase updated equipment in order to help meet its expanded duties in regulating the financial industry. Apple relied on the know budget (originally $200,000) of the SEC and forced the Commission to purchase essential equipment that cost the SEC another $773,000. The SEC responses that it has already taken appropriate actions against the employee, who was responsible for purchase.