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
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. . .
To read more of Bill's weekly Forbes column:The Street Sweeper, visit:
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