Total Lunacy: Mary Schapiro Made $3.3 Million In 2008, Perks Also Include Car Service, Club Fees And Full Expense Comp
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.
(4 votes)
on Fri, 12/04/2009 - 15:54
#152976
Rajanagonnaworkhereanymore - I'm choking to death
on Fri, 12/04/2009 - 18:34
#153323
LMFAOSHIH
on Fri, 12/04/2009 - 15:58
#152986
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.
on Fri, 12/04/2009 - 17:17
#153175
Wait till you see what deferred Comp was $$$$$...She's in the same league as Dick Grasso, the Best Regulation money can buy!
on Fri, 12/04/2009 - 16:02
#152997
I wish the little people would stop complaining.
on Fri, 12/04/2009 - 16:35
#153082
Really... all this whining... you'd think they were getting screwed or something!
on Fri, 12/04/2009 - 17:01
#153140
"Hopefully we will learn at the Schaprio bonus clawback hearings."
yeah, or at the end times tribunals that Jesus will hold when HE returns!!
on Fri, 12/04/2009 - 18:30
#153318
Ask NOT what your country can do for you!!!
Really don't ask. We'll ignore you.
on Fri, 12/04/2009 - 16:05
#152998
Just for those of us newbies here who didn't know what FINRA does
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?
on Fri, 12/04/2009 - 16:58
#153135
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
on Fri, 12/04/2009 - 17:21
#153186
That was perfect...That is the best description I have ever heard for the parasites that reside in Mordor on the Potomac.
on Fri, 12/04/2009 - 17:49
#153238
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.
on Fri, 12/04/2009 - 18:15
#153290
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.
on Fri, 12/04/2009 - 19:15
#153378
Self composting toilets. Turn 'em into fertilizer.
on Fri, 12/04/2009 - 23:27
#153642
Diesel fuel and a match. Burn the turds.
on Fri, 12/04/2009 - 21:24
#153534
cougar,
Lulz, bro. I'm going to use that with friends and family, going forward.
on Fri, 12/04/2009 - 17:05
#153151
Interesting use of "independent" here.
on Fri, 12/04/2009 - 16:04
#153004
She also gets access to our rock star president. That in itself is worth millions
on Fri, 12/04/2009 - 16:50
#153122
PRICELESS
on Sat, 12/05/2009 - 15:14
#153996
Oh ... did she get an invitation to the State Dinner or did she have to crash?
on Fri, 12/04/2009 - 16:04
#153005
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.
on Fri, 12/04/2009 - 16:05
#153009
Salary only $162K....but it think about the future salary as advisor for GS or JPM.....
on Fri, 12/04/2009 - 16:07
#153013
Why would FINRA pay $3.3 mill ?
on Sun, 12/06/2009 - 10:44
#154427
i can be incompetent for $2 mil.
on Fri, 12/04/2009 - 16:09
#153022
Nothing like getting paid for a job well done.
on Fri, 12/04/2009 - 16:09
#153024
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.
on Fri, 12/04/2009 - 16:23
#153057
Par for the Course. A private course, of course.
on Fri, 12/04/2009 - 16:25
#153060
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!!
on Fri, 12/04/2009 - 16:30
#153071
F(lagrant) I(neptitude)N(eglect) & R(egulatory) A(bsence) is great work experience for S(ave) E(xecutive) C(ompensation)
on Fri, 12/04/2009 - 21:38
#153073
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.
on Fri, 12/04/2009 - 16:32
#153078
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!
on Fri, 12/04/2009 - 16:38
#153092
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.
on Fri, 12/04/2009 - 16:42
#153099
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).
on Fri, 12/04/2009 - 16:49
#153117
Mary Mary quite contrary.
on Fri, 12/04/2009 - 16:58
#153134
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?
on Fri, 12/04/2009 - 17:05
#153152
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--
on Fri, 12/04/2009 - 19:59
#153432
obammy is in the car with them, a willing participant to the drive by on main street.
on Sat, 12/05/2009 - 00:57
#153696
At this point in time I can't believe anyone would admit they voted for Obama.
on Fri, 12/04/2009 - 17:10
#153153
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..
on Fri, 12/04/2009 - 17:07
#153156
What's the difference between FINRA and Acorn????
on Fri, 12/04/2009 - 17:33
#153209
Different set of nuts?
on Fri, 12/04/2009 - 17:40
#153221
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.
on Fri, 12/04/2009 - 17:54
#153247
I swear to God this website is the only thing that keeps me sane some days.
on Fri, 12/04/2009 - 18:13
#153286
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.
on Fri, 12/04/2009 - 22:39
#153611
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.
on Fri, 12/04/2009 - 23:43
#153650
classic
on Fri, 12/04/2009 - 18:40
#153335
How does a JAP eat a banana?
http://www.youtube.com/watch?v=AcBv2xlKsyI&feature=related
on Fri, 12/04/2009 - 19:03
#153365
You can never pick a trud up from the clean end
on Fri, 12/04/2009 - 19:14
#153375
Overpaid cunt.
on Fri, 12/04/2009 - 19:39
#153407
i just picked this item up, i'm from England, have you guys not paid her enough? i mean she must have expenses!!
on Fri, 12/04/2009 - 21:41
#153549
Don't rich people just make you want to throw up? I mean, really, the pink stuff just does not work sometimes.
on Fri, 12/04/2009 - 23:24
#153640
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)
on Fri, 12/04/2009 - 23:58
#153659
FINRA 2008 Annual Report, entitled, "Reforming Regulation to Better Protect Investors"
http://www.finra.org/web/groups/corporate/@corp/@about/@ar/documents/corporate/p119061.pdf
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?
on Sat, 12/05/2009 - 10:22
#153843
New yorkers are your slaveMaster. Just accept it. Now give them your tax money as obama and ramm emmanuel orders. All Hail Ram Emmanuel.
on Sat, 12/05/2009 - 15:25
#154000
'$20,000 for personal financial and tax counseling' ... great choice for America's Money Guardian ... Maybe we can get some professional help here.
on Sat, 12/05/2009 - 16:14
#154027
Obama ..... change you can believe in
on Mon, 12/07/2009 - 12:09
#155367
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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