13 FINRA Execs Earned $1 Million

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Dec 9, 2009 5:23 pm

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BrokeAndBroker.com
An irreverent Wall Street Blog
by Bill Singer



Blog Home | Past Entries
Regulatory Budget Crisis (wink, wink, nod, nod, say no more)
Written: December 8, 2009






Regulators Plead Poverty

Wall Street's cops want bonuses too.
Bill Singer: [I]n 2008, when FINRA lost $696.3 million, it spent some $13 million on salaries for just 13 of its heavy hitters. Two things got my attention: One, how the hell does a regulator lose $696 million; and, two, 13 regulators each earned at least $1 million in a year when life as we knew it ended on Wall Street? Among the more troubling findings were that, "SEC Chairman Mary Schapiro, who received $3.3 million last year as FINRA's chief executive officer, is paid $162,900 to run the government agency. Earlier this year, she received another $7.2 million from FINRA as part of her accumulated retirement-plan benefits."
It has gotten even more bizarre. Amid opulent pay packages, over-the-top buyouts and downright questionable management of funds, FINRA has reportedly set aside $1 million for lobbying efforts on Capitol Hill. . .
By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com

To read more of Bill's weekly Forbes column:The Street Sweeper, visit:


http://www.forbes.com/2009/12/08/singer-brokers-sec-intelligent-investing-finra.html


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BrokeAndBroker.com

Dec 9, 2009 6:39 pm

That is unreal. They do anything to hound advisors and drum up advisor mistakes and they are getting rich doing it.

Dec 9, 2009 7:06 pm

Those "we protect investors from brokers" radio spots they ran over the summer months in my market weren't free.