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.