FINRA's Budget Woes?

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Dec 8, 2009 5:26 pm

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Regulators Plead Poverty

Wall Street's cops want
bonuses too.

Bill Singer: 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


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