FINRA comes up with cost projections for its SRO and the CFP Board blasts them
FINRA is still angry that Boston Consulting Group did not consult them and says they created numbers "out of thin air"
James W. Byrd
A properly structured SEC should continue to supervise independent investment advisors and I agree that it would be more economical than a FINRA based system. However, the far more important and documentable issue is that FINRA/formerly NASD has since its 1938 inception almost always acted solely for its own benefit at the expense of investors. For example, they paid two $1 billion fines – insignificant in relation to the associated profits – for price fixing and fraudulent research (these are generally criminal offenses in other industries and the same executives still systematically circumvent SEC and their own regulations when appropriate). Moreover, their controlling members also control Wall Street and indirectly many government regulators and elected officials, and have a great deal of responsibility for our ongoing financial crisis.
Enactment of the Bachus/McCarthy legislation will exacerbate the trend towards our deteriorating economic structure, national security, and civil liberties. It is my understanding that the House will hold hearings on this crucial legislation in June, and those who share our concerns should immediately contact their U.S. Representatives and Senators.
James W. Byrd