FINRA Execs Pocketed Millions in '08, While SRO Was in the Red

FINRA Execs Pocketed Millions in '08, While SRO Was in the Red - 12/3/2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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HEADLINE NEWS:

FINRA Execs Pocketed Millions in '08, While SRO Was in the Red, 13 Current Or Former Regulators Made More Than $1 Million, Tax Returns Say; Former Chief Administrative Officer Michael D. Jones Made $4.4 Million
Jed Horowitz

InvestmentNews. December 3, 2009
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EXCERPT: Thirteen current and former executives of the Financial Industry Regulatory Authority Inc. made more than $1 million apiece in 2008, a year in which the regulatory organization lost $696.3 million, according to tax forms Finra filed last month, as well as the company's annual report. The compensation, which includes salary, bonuses and retirement plan awards, pales next to the payouts that some Wall Street executives and bankers made in boom years — but still raised eyebrows given Finra's investor protection charter and its $479 million in investment losses last year. The highest-paid executive was Michael D. Jones, the group's former chief administrative officer, who left in the summer of 2008 after more than a decade at Finra with compensation, severance and accumulated benefits valued at $4.43 million. Mr. Jones subsequently joined the Public Broadcasting System as its chief operating officer. Several of Finra's 2008 millionaires have gone on to lower-paying government positions. SEC Chairman Mary Schapiro, who received $3.3 million last year as Finra's chief executive officer, is paid $162,900 to run the government agency. Earlier this year, she received another $7.2 million from Finra as part of her accumulated retirement-plan benefits. Elisse Walter, who was appointed a commissioner of the SEC in July 2008, received $3.8 million from Finra last year (including $2.4 million of supplemental retirement benefits) for running its regulatory policy and programs. Internal Revenue Service Commissioner Douglas Shulman pocketed $2.7 million in salary, bonus and retirement benefits for his eight years of service at Finra, which ended when he joined the IRS in March 2008. Four current Finra executives — including enforcement chief Susan Merrill and Grace Vogel, executive vice president for member regulation — made more than $1 million last year, and four others made more than $800,000.

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