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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 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 and

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Dec 9, 2009 11:39 pm

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

Dec 10, 2009 12:06 am

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