SEC head Mary Schapiro took in $9 million while at FINRA

Head of the Securities and Exchange Commission Mary Schapiro made quite a good living for herself while heading FINRA, the Financial Industry Regulatory Authority which is supported by dues from the industry, making a total of $9 million in 2008, the very year the financial crisis hit. How can that be? ZeroHedge notes that a new report details how exactly Schapiro was able to make so much money:

In essence, Mary Schapiro made sure that the biggest component of her benefits package would be the same as during the market peak year, despite a 20%+ drop in Finra’ assets.

the head of the primary, and most worthless, SRO [self-regulatory  organization] of the country, which allowed Madoff to operate for decades, was getting paid in the same comp bracket as THE NYSE CEO AND HEADS OF INVESTMENT BANKS!

BusinessInsider provides this little tidbit: $9 million is what Lloyd Blankfein made last year (in stock).

Why so much? The report says that the compensation was determined in order to “enable FINRA to hire and retain the quality of executives needed to carry out effectively FINRA’s regulatory mission.” But the gaping hole in this logic is that these executives did not carry out effectively FINRA’s regulatory mission — as evidenced by its failure to detect and halt Bernie Madoff’s ponzi scheme.

Beltway ConfidentialGoldman SachsSecurities and Exchange CommissionUS

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

A view of Science Hall at the City College of San Francisco Ocean campus on Thursday, Jan. 14, 2021. (Kevin N. Hume/S.F. Examiner)
CCSF begins search for next chancellor amid new challenges

‘It’s arguably the biggest single responsibility the board has,’ trustee says

Some people are concerned that University of California, San Francisco’s expansion at its Parnassus campus could cause an undesirable increase in the number of riders on Muni’s N-Judah line.<ins></ins>
Will UCSF’s $20 million pledge to SFMTA offset traffic woes?

An even more crowded N-Judah plus increased congestion ahead cause concern

Music producer Phil Spector looks up during his murder trial in Superior Court July 10, 2007 in Los Angeles. (Gabriel Bouys-Pool/Getty Images/TNS)
Phil Spector, visionary music producer convicted in notorious murder, dies at 81

Phil Spector, the visionary record producer who revolutionized pop music in the… Continue reading

Toni Isabella, a counselor at Ohlhoff Recovery Programs, finds helpful assistance from service dog Barker Posey.<ins> (Kevin N. Hume/S.F. Examiner)</ins>
Toni Isabella: Helping people indoors and out recover from addiction’s dark side

Counselor supports holistic, progressive approach to healing

In recognition of recent news surrounding Donald Trump, here are two peach drinks: Frozy Navel, left, and Peach Gin Fizz. (Saul Sugarman/Special to S.F. Examiner)
Impeached twice? Try these two peach cocktails

Mix these up and toast in hopes of more laughs, lighter times in 2021

Most Read