Some people think it’s a good idea for regulatory officials to receive pay like the Wall Streeters they’re supposed to reign in.
Turns out at least one of them already has – Mary Schapiro, who’s now the head of the SEC.
In 2008, FINRA paid Schapiro almost $9 million ($8,985,334.02 to be exact).
A new report, brought to our attention by zerohedge, uncovered Schapiro’s pay in a response to a FINRA board member’s, Amerivet Securities’, demand that FINRA recover some of its 2008 losses and any “excessive” compensation that may have been paid to top execs.
Apparently the suspicion was that Schapiro received a $25 million “gift” upon her departure.
So FINRA established a committee to perform and publish the study, which you can download and read by clicking here.
Here’s what they found:
- Shapiro did not receive a $25 million gift
- Schapiro received nearly $9 million upon her departure, “which consisted of the lump sum payment of the retirement benefits that had accrued in her favour during her thirteen years,” plus “incentive compensation for 2008.”
For comparison, $9 million is what Lloyd Blankfein made last year (in stock).
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