13 FINRA Execs Earned $1 Million
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Dec 9, 2009 10:23 pm
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by Bill Singer Blog Home | Past Entries Regulatory Budget Crisis (wink, wink, nod, nod, say no more) Written: December 8, 2009
Regulators Plead PovertyWall 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
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That is unreal. They do anything to hound advisors and drum up advisor mistakes and they are getting rich doing it.
Those “we protect investors from brokers” radio spots they ran over the summer months in my market weren’t free.