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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 | 152976 skullnbones
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Rajanagonnaworkhereanymore - I'm choking to death

Fri, 12/04/2009 - 19:34 | 153323 Anonymous
Anonymous's picture

LMFAOSHIH

Fri, 12/04/2009 - 16:58 | 152986 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 | 153175 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 | 152997 JohnKing
JohnKing's picture

I wish the little people would stop complaining.

Fri, 12/04/2009 - 17:35 | 153082 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 | 153140 Anonymous
Anonymous's picture

"Hopefully we will learn at the Schaprio bonus clawback hearings."

yeah, or at the end times tribunals that Jesus will hold when HE returns!!

Fri, 12/04/2009 - 19:30 | 153318 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 | 152998 Dburn
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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 | 153135 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 | 153186 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 | 153238 Anonymous
Anonymous's picture

I agree. I happen to have that very problem in the bowl right now. Problem is, if I try to plunge it the turds splash all over my feet and legs and get on the floor, too. (attack?) It's bad where they are now and fixing it is messy, but do it I must.

Fri, 12/04/2009 - 19:15 | 153290 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 | 153378 lesterbegood
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Self composting toilets. Turn 'em into fertilizer.

Sat, 12/05/2009 - 00:27 | 153642 Anonymous
Anonymous's picture

Diesel fuel and a match. Burn the turds.

Fri, 12/04/2009 - 22:24 | 153534 Cursive
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cougar,

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

Fri, 12/04/2009 - 18:05 | 153151 Sam Malone
Sam Malone's picture

Interesting use of "independent" here.

Fri, 12/04/2009 - 17:04 | 153004 Anonymous
Anonymous's picture

She also gets access to our rock star president. That in itself is worth millions

Fri, 12/04/2009 - 17:50 | 153122 knukles
knukles's picture

PRICELESS

Sat, 12/05/2009 - 16:14 | 153996 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 | 153005 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 | 153009 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 | 153013 Careless Whisper
Careless Whisper's picture

Why would FINRA pay $3.3 mill ?

Sun, 12/06/2009 - 11:44 | 154427 Hrundi V. Bakshi
Hrundi V. Bakshi's picture

i can be incompetent for $2 mil.

Fri, 12/04/2009 - 17:09 | 153022 jbc77
jbc77's picture

Nothing like getting paid for a job well done.

Fri, 12/04/2009 - 17:09 | 153024 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 | 153057 Cincinnatus
Cincinnatus's picture

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

Fri, 12/04/2009 - 17:25 | 153060 Anonymous
Anonymous's picture

Actually, in some third world countries(Why there is still such distinction since we are all converging into one and the same class),people do pay to get a goverment job,because the reward are much higer than the private sector!!

Fri, 12/04/2009 - 17:30 | 153071 Anonymous
Anonymous's picture

F(lagrant) I(neptitude)N(eglect) & R(egulatory) A(bsence) is great work experience for S(ave) E(xecutive) C(ompensation)

Fri, 12/04/2009 - 22:38 | 153073 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 | 153078 Anonymous
Anonymous's picture

WHY is Mary Shapiro NOT IN JAIL RIGHT NOWWWWWWWWW????!!

Why do we not have any protection against these criminals masquerading as government officials??

They are looting this nation blind!

Fri, 12/04/2009 - 17:38 | 153092 Anonymous
Anonymous's picture

Clawbacks at a MINIMUM.

Where are the charges being brought against her for abusing her office?

Sometimes I think China has the right answer. A public hanging would do the trick.

Fri, 12/04/2009 - 17:42 | 153099 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 | 153117 bugs_
bugs_'s picture

Mary Mary quite contrary.

Fri, 12/04/2009 - 17:58 | 153134 Anonymous
Anonymous's picture

You mean shapiro didnt investigate Madoff? or Cohen? or soros? or hank greenberg? or BenMosche? or Rob Rubin? Shocking. Who coulda guessed it? It takes college to figure this thing out?

Fri, 12/04/2009 - 18:05 | 153152 Anonymous
Anonymous's picture

Why is the Obama administration holding NONE of these people in positions of such power and influence to account?

WHY?

Where is the tranparency and accountability we voted for?

Why is there one set of rules for Wall Street and another for everyone else?

We are so tired of being your cattle--

Fri, 12/04/2009 - 20:59 | 153432 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 | 153696 Anonymous
Anonymous's picture

At this point in time I can't believe anyone would admit they voted for Obama.

Fri, 12/04/2009 - 18:10 | 153153 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 | 153156 Sqworl
Sqworl's picture

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

Fri, 12/04/2009 - 18:33 | 153209 Anonymous
Anonymous's picture

Different set of nuts?

Fri, 12/04/2009 - 18:40 | 153221 Anonymous
Anonymous's picture

You people should leave Shapiro alone. How dare you pick on her. She is entitled to endless riches cheating and stealing for the new york street hustlers.

Fri, 12/04/2009 - 18:54 | 153247 Anonymous
Anonymous's picture

I swear to God this website is the only thing that keeps me sane some days.

Fri, 12/04/2009 - 19:13 | 153286 Anonymous
Anonymous's picture

I would gladly go to europe or afghanistan to fight for shapiro. It is my honor and responsibility to fight and die for her enrichment.

Fri, 12/04/2009 - 23:39 | 153611 Anonymous
Anonymous's picture

Too bad they can't swap the Wall Street and Washington crowd for the Taliban. Then we could fight the real enemies of our country, and we sure as hell wouldn't have any trouble finding 30,000 people wanting to go to Afghanistan. Shit, I'd kill anyone who tried to get in line ahead of me.

Sat, 12/05/2009 - 00:43 | 153650 wgpitts
wgpitts's picture

classic

Fri, 12/04/2009 - 19:40 | 153335 Rollerball
Fri, 12/04/2009 - 20:03 | 153365 pc_babe
pc_babe's picture

You can never pick a trud up from the clean end

Fri, 12/04/2009 - 20:14 | 153375 Anonymous
Anonymous's picture

Overpaid cunt.

Fri, 12/04/2009 - 20:39 | 153407 Anonymous
Anonymous's picture

i just picked this item up, i'm from England, have you guys not paid her enough? i mean she must have expenses!!

Fri, 12/04/2009 - 22:41 | 153549 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 | 153640 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 | 153659 Anonymous
Anonymous's picture

FINRA 2008 Annual Report, entitled, "Reforming Regulation to Better Protect Investors"

http://www.finra.org/web/groups/corporate/@corp/@about/@ar/documents/cor...

Summary: FINRA execs. have a financial incentive to provide no regulation in order to gain more user fees -- yet, according to its' 2008 Annual Report title, it's job is to "Reform Regulation to Better Protect Investors"

1. FINRA is tax exempt and pays no taxes on earnings
2. FINRA has mucho investments and relies on the companies it regulates to manage its investments
3. FINRA execs compensation is tied to assets
4. FINRA earns money based on user fees -- the more customers it regulates, the more user fees to invest and the higher the exec comp.

Isn't this another rats' nest of conflicts?

Sat, 12/05/2009 - 11:22 | 153843 Anonymous
Anonymous's picture

New yorkers are your slaveMaster. Just accept it. Now give them your tax money as obama and ramm emmanuel orders. All Hail Ram Emmanuel.

Sat, 12/05/2009 - 16:25 | 154000 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 | 154027 Anonymous
Anonymous's picture

Obama ..... change you can believe in

Mon, 12/07/2009 - 13:09 | 155367 Anonymous
Anonymous's picture

As Greg Newton of Naked Shorts said once (and may he rest in peace).

"If Mary Shapiro is the answer it is a stupid question."

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