Saturday, October 2, 2010

FINRA Overpaid Managers

"The Financial Industry Regulatory Authority will review claims its management is overcompensated after the brokerage-industry regulator paid former Chief Executive Officer Mary Schapiro $3.26 million in 2008.

Finra’s board of governors will meet Feb. 10 to discuss a letter sent to the regulator from lawyers representing a member brokerage firm, Finra spokesman Herb Perone said yesterday.

The Dec. 4 letter, signed by Richard D. Greenfield and Jonathan W. Cuneo, called 2008 compensation “excessive” given Finra’s regulatory performance and a $568 million decline in the authority’s investment portfolio. The lawyers urged Washington- based Finra to recoup bonuses paid to managers including Schapiro, who left a year ago to become U.S. Securities and Exchange Commission chairman. The letter was released yesterday."

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