I’d hate to see her heavy touch. The Wall Street Journal reports on Mary Schapiro’s time at the NASD and as head of FINRA, attempting to make the case she didn’t do a whole lot in the area of enforcement. Anyone else agree with that assessment? As she herself told me a few years back, her “tough-but-fair style” resulted in record fines collected by the organization, which she attributed to greater scrutiny. Granted, the paper is referring to her relations with the larger Wall Street firms, which only makes it worse. I can’t tell you the number of independent advisors and RIAs that have related horror stories of random rulings the SRO has handed down; rulings un-tethered from any uniform policy. One high-net-worth advisor was sanctioned for a particular action, and another advisor with the same set of circumstances was sanctioned for doing the exact opposite. For the little guy, it was always damned if you do, damned if you don’t.
Don’t forget you can visit MyAlerts to manage your alerts at any time.