Everyone is familiar with the notion of the fox guarding the henhouse, but few are aware that the fox guarding Wall Street is the Financial Industry Regulatory Authority (FINRA).  This self-regulatory organization (SRO) is charged with regulating brokerage firms.  An SRO is not a government agency like the Securities Exchange Commission; it is a private corporation with the authority of a government agency.  While FINRA is supposed to police Wall Street, many suggest that this cop is on the take, or perhaps, more kindly, that FINRA is Wall Street’s own trade association.  Madoff Whistleblower Harry Markopolos in his testimony before Congress describes FINRA as a “very corrupt self-regulatory organization.”  Financial Industry Regulatory Authority