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FINRA loses nearly $700 million!

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Jul 27, 2009 8:16 pm
  An irreverent Wall Street Blog
by Bill Singer Subscribe to RSS Feed: Blog Home | Past Entries Okay, so maybe Mary Schapiro wasn't a great stock picker. Written: July 27, 2009

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Mary Schapiro is no money managerBy Reuters Columnist Matthew Goldstein

July 27, 2009

From the annals of when the hell does this nonsense ever stop, Matt Goldstein uncovers yet another painfully funny regulatory story. Painfully funny as in pathetic or as in absurd or as in...well, you read the column and come up with your own descriptions.  

Consider these two opening paragraphs from Goldstein's column:

Let’s hope Securities and Exchange Commission Chairman Mary Schapiro is a better regulator than a money manager.

That’s because The Financial Industry Regulatory Authority, the last place Schapiro ran, lost $696 million last year. Almost all of FINRA’s red ink stemmed from losses on investments, including ownership stakes in hedge funds and private equity firms, stocks and bonds. . .

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