A Personal Message from Bill Singer ---
The Financial Industry Regulatory Authority (FINRA) has just distributed its Proxy for the Annual Meeting of FINRA Firms on August 12, 2010. http://rrbdlaw.com/FINRAProxy2010.pdf As to the eight propositions on the ballot, FINRA's representatives will vote "NO" on items #2 through #8 in the absence of your voting instructions.
FINRA member firms cannot defer these critical choices to the self-regulator and its supporters. A failure to ensure that your voice is heard -- now, this year -- is irresponsible. Your career and your business are at stake.
You complained about the ongoing destruction of the independent/regional community, but the agenda catered to the big boys and the too-big-too-fail.
The compensation of FINRA's top regulators rose to astronomical heights, but no one would timely return your calls when you needed help.
You watched in shock as FINRA's cronies circled the wagons and prevented meaningful reform of an inept bureaucracy -- and you were outraged when many of those same pals were appointed to boards, panels, committees, and subcommittees.
Now is the time to say "enough."
SMALL FIRM CANDIDATES
I urge you to reject those individuals nominated by FINRA's National Nominating Committee (designated "FINRA Nominee"). Please vote for the individuals listed under the "Nominee by Petition" heading:
FIRST CLASS: Howard Spindel or Ken Norensberg (only vote for one of these two)
SECOND CLASS: Joel R. Blumenschein
THIRD CLASS: Jed Bandes
2. Disclosure of Compensation of FINRA's Top Ten Most Highly Compensated Employees
3. Independent Study of Current and/or Former FINRA Officer and/or Director Involvement with the Madoff Family
4. Transparency of FINRA Investment Policies, Practices and Transactions.
5. FINRA Board of Governors Meetings Should Be Made Public Except When Absolutely Necessary.
6. "Say on Pay" for Top Five Most Highly Compensated FINRA Employees.
7. Creation and Employment of an Independent Private Sector Inspector General.
8. Disclosure of IRS Correspondence Concerning $35,000 NASD Member Payment.
I recently authored a column: "Eliot Spitzer Leaves The Farm For Wall Street " in which I considered yet another individual whose career arc descended into the abyss, and that figure also was embroiled in a sexual relationship outside his marriage. Frankly, it seems as if we're faced with a pandemic of sexual affairs involving politicians -- if memory serves me correct, in recent years we have had allegations of sexual affairs made against
- President Bill Clinton,
- Governor Eliot Spitzer,
- Governor Mark Sanford,
- Governor Jim McGreevey,
- Senator John Ensign,
- Senator David Vitter,
- Representative Mark Foley,
- Representative Vito Fossella,
- Mayor Kwame Kilpatrick,
- Mayor Gavin Newsome, and
- Mayor Antonio Villaraigosa
- and I'm sure that I've missed a number of other public figures, so, go ahead, fill in the blanks.
Don't get me wrong, I'm no prude. Sex is often as much about power as anything else and some folks are adrenaline junkies. Nonetheless, if it's just about sex, then why won't any of these folks just come out and say it, from day one, when they're caught? Why is it always necessary to drag the humiliated spouse into the glare of the spotlight? Why is your downfall just another opportunity to stage a media event and to deliver a faux-sincere speech about your failure? I mean, seriously, can't one of these jerks just stand before the cameras and say "I wanted to get laid. I got laid. I enjoyed it. I didn't mean to hurt anyone. I'm sorry that I got caught."
All of which leads me back, albeit via a somewhat tortured path, to Mr. Moffat and his explanation in Fortune about his sexual affair with Ms. Chiesi. Frankly, I don't understand Moffat's explanation, the whole clarity in the business environment thing. Is he serious? Of course it was about sex.
When things sound silly, they usually are. When desperate men seek justification for their stupidity, the explanations that they offer to us rarely ring true. Consider Bill Clinton's now infamous January 26, 1998, statement . . .READ THE ENTIRE ARTICLE AT: