Regulatory Budget Crisis (wink, wink, nod, nod, say no more)

December 8, 2009

 

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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