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Total Lunacy: Mary Schapiro Made $3.3 Million In 2008, Perks Also Include Car Service, Club Fees And Full Expense Comp

Tyler Durden's picture





 

NEW YORK (Dow Jones)--Numerous Financial Industry Regulatory Authority executives enjoyed multimillion-dollar compensation packages in 2008, according to tax forms filed by the regulator. They contrasted with much lower wages some now get after leaving the private non-profit organization for government jobs.

Three former Finra executives left the agency in 2008 for lower-paying government work, including the regulator's former chief executive, Mary Schapiro, who is now chairman of the Securities and Exchange Commission. Schapiro earned $3.3 million while at Finra in 2008. She now earns $162,900 at the SEC.

and from ComplianceEX

Ms. Schapiro's compensation last year included $20,000
annually for club memberships in New York and Washington, $20,000 for personal
financial and tax counseling, and a car and driver for use in both cities,
according to the tax form. Finra also generally pays a “gross-up” adjustment to
cover its executives' costs, the filing said.


 


 

So Mary Schapiro's reward for not catching Bernie Madoff, Raj Rajanagonnaworkhereanymore, and doing NOTHING about Joe Cassano, was over $3 million dollars, a chauffeur and a private trainer?

...

(1 kilogram of Vasotec, Oxycodone and Ativan later)

...

All is good in the world.

Oh, and the reward was completely deserved:

[FINRA] reported a $696.3 million loss on operations for 2008, driven primarily by $568 million in investment related losses it incurred that year, according to its 2008 annual report.

Perhaps Madoff and Cassano were FINRA's advisors? Hopefully we will learn at the Schaprio bonus clawback hearings.

We are currently looking for the appropriate FINRA Form 990. We will post it promptly once obtained.

 


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Fri, 12/04/2009 - 16:54 | Link to Comment skullnbones
skullnbones's picture

Rajanagonnaworkhereanymore - I'm choking to death

Fri, 12/04/2009 - 19:34 | Link to Comment Anonymous
Fri, 12/04/2009 - 16:58 | Link to Comment Shameful
Shameful's picture

Yeah her salary is "only" 162,900 but do they include bribes and kickbacks in that total?  We should force gov workers to pay for the right to work in their positions.  After all they can pay for the privilege out of the corruption and bribery.

Fri, 12/04/2009 - 18:17 | Link to Comment Sqworl
Sqworl's picture

Wait till you see what deferred Comp was $$$$$...She's in the same league as Dick Grasso, the Best Regulation money can buy!

Fri, 12/04/2009 - 17:02 | Link to Comment JohnKing
JohnKing's picture

I wish the little people would stop complaining.

Fri, 12/04/2009 - 17:35 | Link to Comment SRV - ES339
SRV - ES339's picture

Really... all this whining... you'd think they were getting screwed or something!

Fri, 12/04/2009 - 18:01 | Link to Comment Anonymous
Fri, 12/04/2009 - 19:30 | Link to Comment Hephasteus
Hephasteus's picture

Ask NOT what your country can do for you!!!

Really don't ask. We'll ignore you.

Fri, 12/04/2009 - 17:05 | Link to Comment Dburn
Dburn's picture

Just for those of us newbies here who didn't know what FINRA does

 

FINRA is the largest independent securities regulator in the U.S. Our chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

 

Sounds about right. 3 million? Must have been getting ready to get fired

so she took the job at the SEC. Man is that encouraging or what?

 

Fri, 12/04/2009 - 17:58 | Link to Comment cougar_w
cougar_w's picture

People like that are like turds that never flush, but once they get in the bowl just go 'round and 'round and never go away. Every time you look down, there they are again staring up at you and smiling.

They love being turds. They love the stink and the slime and the going 'round in the bowl. Washington is full of turds that never entirely go away. Because of them we'll never get this mess cleared up.

cougar

Fri, 12/04/2009 - 18:21 | Link to Comment Shameful
Shameful's picture

That was perfect...That is the best description I have ever heard for the parasites that reside in Mordor on the Potomac.

Fri, 12/04/2009 - 18:49 | Link to Comment Anonymous
Fri, 12/04/2009 - 19:15 | Link to Comment dogbreath
dogbreath's picture

I've come to think that we in my secret country  are the hobbits of this earth, but probably not.  public health care included mass emasculations and public education took care of the reprogrammng.   That aside I have to dig out my Tolkien to see if there are 'secret of oz"  messages.  The reawakening of Mordor and the all seeing eye is too spooky given present circumstance.

 

 

Fri, 12/04/2009 - 20:15 | Link to Comment lesterbegood
lesterbegood's picture

Self composting toilets. Turn 'em into fertilizer.

Sat, 12/05/2009 - 00:27 | Link to Comment Anonymous
Fri, 12/04/2009 - 22:24 | Link to Comment Cursive
Cursive's picture

cougar,

Lulz, bro.  I'm going to use that with friends and family, going forward.

Fri, 12/04/2009 - 18:05 | Link to Comment Sam Malone
Sam Malone's picture

Interesting use of "independent" here.

Fri, 12/04/2009 - 17:04 | Link to Comment Anonymous
Fri, 12/04/2009 - 17:50 | Link to Comment knukles
knukles's picture

PRICELESS

Sat, 12/05/2009 - 16:14 | Link to Comment Bear
Bear's picture

Oh ... did she get an invitation to the State Dinner or did she have to crash?

Fri, 12/04/2009 - 17:04 | Link to Comment Assetman
Assetman's picture

Somehow the phrase "do as I say, and not as I did in 2008" will be a central message of Mary's Hallmark Christmas Card collection this year.

Knowing our luck, she is getting "fruit" baskets stuffed with Zimbabwe Ben billion dollar bills in return. 

Fri, 12/04/2009 - 17:05 | Link to Comment curbyourrisk
curbyourrisk's picture

Salary only $162K....but it think about the future salary as advisor for GS or JPM.....

Fri, 12/04/2009 - 17:07 | Link to Comment Careless Whisper
Careless Whisper's picture

Why would FINRA pay $3.3 mill ?

Sun, 12/06/2009 - 11:44 | Link to Comment Hrundi V. Bakshi
Hrundi V. Bakshi's picture

i can be incompetent for $2 mil.

Fri, 12/04/2009 - 17:09 | Link to Comment jbc77
jbc77's picture

Nothing like getting paid for a job well done.

Fri, 12/04/2009 - 17:09 | Link to Comment digalert
digalert's picture

I would imagine Ms. Schapiro, since early November, has been tied up with the holidays and last minute Christmas shopping. Perhaps after a final new years party and sobering, we'll see a survey asking what should the SEC do.

Fri, 12/04/2009 - 17:23 | Link to Comment Cincinnatus
Cincinnatus's picture

Par for the Course.  A private course, of course.

Fri, 12/04/2009 - 17:25 | Link to Comment Anonymous
Fri, 12/04/2009 - 17:30 | Link to Comment Anonymous
Fri, 12/04/2009 - 22:38 | Link to Comment waterdog
waterdog's picture

They left out the Wellbutrin and the life time supply of Adderall 20 mg tabs from her payroll figures. Also, there is the cost of therapy so she can keep her eyes open when she looks in the mirror.

It is the culture in which she thrives that makes us hate her. She has done well, she is not a dumb bitch.

 

 

 

Fri, 12/04/2009 - 17:32 | Link to Comment Anonymous
Fri, 12/04/2009 - 17:38 | Link to Comment Anonymous
Fri, 12/04/2009 - 17:42 | Link to Comment Gilgamesh
Gilgamesh's picture

Don't be silly - FINRA is doing yeoman's work.

They just made a monumental finding; the individual retail investor (aka GS's dumping ground for unloading offerings) should have no way to take extra risk - without finding an underregulated Ponzi Fund on their own, of course.

http://www.risk.net/structured-products/news/1564424/finra-hits-customers-increased-margins-leveraged-etfs

Seems clearing firms have had enough of the random changes and just made it 100% margin requirement (subject to unannouced increases, of course).

Fri, 12/04/2009 - 17:49 | Link to Comment bugs_
bugs_'s picture

Mary Mary quite contrary.

Fri, 12/04/2009 - 17:58 | Link to Comment Anonymous
Fri, 12/04/2009 - 18:05 | Link to Comment Anonymous
Fri, 12/04/2009 - 20:59 | Link to Comment delacroix
delacroix's picture

obammy is in the car with them, a willing participant to the drive by on main street.

Sat, 12/05/2009 - 01:57 | Link to Comment Anonymous
Fri, 12/04/2009 - 18:10 | Link to Comment Sqworl
Sqworl's picture

Foch her, with all those graft generated millions, she still a lil troll doll who moonlights as the bride of Chuckie...Just look at her?  That sizzler burnt hair, brown teeth and she smells like a backdoor skank..I hate her and hope she rots in hell..

Fri, 12/04/2009 - 18:07 | Link to Comment Sqworl
Sqworl's picture

What's the difference between FINRA and Acorn????

Fri, 12/04/2009 - 18:33 | Link to Comment Anonymous
Fri, 12/04/2009 - 18:40 | Link to Comment Anonymous
Fri, 12/04/2009 - 18:54 | Link to Comment Anonymous
Fri, 12/04/2009 - 19:13 | Link to Comment Anonymous
Fri, 12/04/2009 - 23:39 | Link to Comment Anonymous
Sat, 12/05/2009 - 00:43 | Link to Comment wgpitts
wgpitts's picture

classic

Fri, 12/04/2009 - 19:40 | Link to Comment Rollerball
Fri, 12/04/2009 - 20:03 | Link to Comment pc_babe
pc_babe's picture

You can never pick a trud up from the clean end

Fri, 12/04/2009 - 20:14 | Link to Comment Anonymous
Fri, 12/04/2009 - 20:39 | Link to Comment Anonymous
Fri, 12/04/2009 - 22:41 | Link to Comment waterdog
waterdog's picture

Don't rich people just make you want to throw up? I mean, really, the pink stuff just does not work sometimes.

 

 

Sat, 12/05/2009 - 00:24 | Link to Comment Kaiser Zose
Kaiser Zose's picture

When are u people going to get it thru ur thick skulls that you have to PAY to PLAY?  G Damn, You prols are really working our nerves this week.  

Signed,

L. Blankfein

B. Madoff

S. Cassano

Faithfully submitted by,

Douglas C. Niedermeyer (Master at Arms)

Sat, 12/05/2009 - 00:58 | Link to Comment Anonymous
Sat, 12/05/2009 - 11:22 | Link to Comment Anonymous
Sat, 12/05/2009 - 16:25 | Link to Comment Bear
Bear's picture

'$20,000 for personal financial and tax counseling' ... great choice for America's Money Guardian ... Maybe we can get some professional help here.

Sat, 12/05/2009 - 17:14 | Link to Comment Anonymous
Mon, 12/07/2009 - 13:09 | Link to Comment Anonymous
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