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February 10, 2010, Featured Articles, Regulations/Legal

Spotlight on Chairman Schapiro

By Kerry Pechter   Wed, Feb 10, 2010

Lawsuits questioning the competence and integrity of the SEC chairman were discussed at a closed-door meeting of the FINRA board of governors in New York February 10.

The board of the Financial Industry Regulatory Authority will meet today in New York to review charges that former FINRA executives, including current SEC chairman Mary Schapiro, received excessive compensation, and to decide whether to try to recoup some of the money.

The board of the brokerage industry's self-policing body will review whether FINRA management mismanaged its affairs by paying senior executives nearly $30 million in salary and bonuses in 2008 while FINRA lost a reported $696 million on its own investment portfolio.


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