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July 13, 2010

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. 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."

Proposition #1

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


PROPOSITIONS #2 through #8

I urge you to vote "YES" for each and every proposition noted below:

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.

Read Bill Singer's Huffington Post Column.  Now on-line: