The Project For Government Oversight says the financial crisis makes it "it painfully clear that we can't trust the financial industry to regulate itself" and offers a bullet list of reasons why FINRA should not be named the SRO.
FINRA's "top 18 executives and board members received nearly $23 million in compensation and benefits in 2009," says POGO investigator Michael Smallberg. "since FINRA believes it shouldn’t have to follow the pay model set by government agencies or non-profit organizations; this excessive executive
After months of speculation and debate, the House Financial Services Committee has drafted a bill that would force investment advisors to join an as-yet-unnamed self-regulatory organization.
A 32-year-old broker in Washington State allegedly managed to lose or spend about $4 million of his clients' funds, while buying himself luxury cars and a $2 million house.
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