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FINRA isn’t exactly known as an exemplar of radical transparency. That all may be about to change.

The FINRA Board of Governors has unanimously elected Eileen Murray, former Co-CEO of Bridgewater Associates, LP, as Chairperson effective at FINRA’s Annual Meeting in August…. “I am honored by the opportunity to lead the FINRA Board at such an important time for FINRA, the financial services industry and the markets,” said Murray. “Under Bill’s leadership, FINRA has worked tirelessly to ensure that markets operated under the highest standards of integrity for investors and I look forward to building on that effort.”

Now, these standards of integrity may not be what FINRA staffers or its members are used to, to say nothing of the other culture shifts that may be coming.

“The word ‘pain’ has this pejorative negativity associated with it,” Murray said. “What it is, is putting yourself in a position to really look at yourself and become self-aware.”

Well, flashes of self-awareness at FINRA have certainly been painful over the years. And the self-regulator isn’t the only troubled organization looking to have Murray’s keen eye examine its many, many problems.

The former co-chief executive of the world’s biggest hedge fund and newly elected chairwoman of Finra, the US securities industry’s self-regulatory arm, is joining HSBC’s board as an independent director effective Wednesday, the bank said…. “I am absolutely delighted to welcome Eileen,” Mark Tucker, the HSBC chairman, said in a statement. “Her wealth of experience across banking and finance, together with her extensive knowledge of financial technologies and corporate strategy, will bring an invaluable perspective to the board.”

Just wait until the probing sessions begin, Mark.

Eileen Murray Elected Chairperson of FINRA Board of Governors [press release]
Eileen Murray Is Named to Lead Finra, Wall Street’s Self-Regulatory Arm [WSJ]
HSBC adds former co-CEO of world’s biggest hedge fund Bridgewater Associates to board [South China Morning Post]


Getty Images

Radical Transparency Means Never Trusting What Your Administrator Says

Bridgewater hires an evaluator for its evaluator because Bridgewater does not f@$% around, you guys.

Wells Fargo Bless this Mess

Sadomasochistic Megabank Courting Area Hedge Fund Manager To Be Its Next Dominatrix/CEO

If Wells Fargo wants Bridgewater's Eileen Murray to be its next CEO, then Wells Fargo might actually be ready to change.

Ray Dalio (Getty Images)

Bridgewater Questioning Whether Ex-Co-CEO Ever Actually Read ‘Principles,’ Let Alone Her Employment Agreement

It’s going to have to check and recheck its machine to see how someone so unPrincipled suck through.