"Mary L. Schapiro (born June 19, 1955) served as the 29th Chairperson of the U.S. Securities and Exchange Commission (SEC). She was appointed by President Barack Obama, unanimously confirmed by the U.S. Senate, and assumed the Chairwomanship on January 27, 2009. She is the first woman to be the permanent Chair of the SEC.
In 2008, her last year at FINRA, Schapiro earned a regular compensation package of $3.3 million; on departure from FINRA, she received additional lump sum retirement benefit payments to a total of just under $9 million.She received $8.99 million as a “final distribution,” including $7.6 million in vested retirement benefits, according to a Finra report. She makes $163,500 at the SEC.
An early setback for Schapiro as SEC chairwoman occurred in September 2009 when U.S. District Judge Jed Rakoff rejected the SEC's proposed $33 million settlement with Bank of America. BoA had been charged with failure to disclose bonuses paid to Merrill Lynch executive before the two companies merged. Under the settlement's terms BoA was allowed to deny any wrongdoing, which they did when pressed by Rakoff on the matter of guilt.n Rakoff said the settlement did not "comport with the most elementary notions of justice and morality". Seven months later, Rakoff approved a $150 million settlement of the BoA case; BoA did not have to change its declaration of innocence.
In April 2013, Schapiro joined Promontory Financial Group where she is Advisory Board Vice Chair.
Promontory Financial Group is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.
The company was founded by former U.S. Comptroller of the Currency (1993−98) beneath the administration of Bill Clinton Eugene Ludwig and Alfred H. Moses who also works for the most prestigious international law firm Covington & Burling LLP. [Same law firm Eric Holder worked at]
Approximately 170 of the consultants working for Promontory were former employees of authorities in financial supervision, hence, the enterprise applies as a sort of "shadow regulator" for the Wall Street.
For the execution of Foreclosure Reviews from more than 250,000 loan contracts for the Bank of America, PNC Financial Services and Wells Fargo Promontory received $927 million which led to strong criticism and doubt about the independence of the examination. A hearing was arranged by the U.S. Senate Banking Committee to check whether too many duties of the finance supervision were alienated by authorities to private companies."