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Mary Schapiro is no money manager


Let’s hope Securities and Exchange Commission Chairman Mary Schapiro is a better regulator than a money manager.

That’s because The Financial Industry Regulatory Authority, the last place Schapiro ran, lost $696 million last year. Almost all of FINRA’s red ink stemmed from losses on investments, including ownership stakes in hedge funds and private equity firms, stocks and bonds.

In all, investment related losses totaled $624.1 million, compared with a $156 million gain in the value of those investments in 2007.

FINRA’s tale of woe is included in its most recent annual report, a copy of which was posted recently on the regulator’s website.