9/1/2009

Mary Schapiro, chairwoman of the Securities and Exchange Commission, warned CEOs at brokerage firms about compensation packages. "Recent press articles have reported that some broker-dealer firms may be engaging in a vigorous recruiting program for broker-dealer registered representatives, including large upfront bonuses and enhanced commissions for sales of investment products," Schapiro wrote in a letter to brokerage heads. "Certain forms of potential compensation may carry with them enhanced risks to customers."

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