Great news! Dick Grasso, the Rudy Giuliani of the New York Stock Exchange, is free to receive his $187.5 million compensation package, after years of litigation. (Though this may go again to appeal!) See, the Exchange used to be a nonprofit, but in 2005 became a publicly traded company. So, even though Grasso stepped down back in 2003, the state no longer has any control over the now for-profit Exchange (says the court today) and can't attempt to recoup any of Grasso's settlement cash. Isn't that neat! The big ol' package was awarded to Grasso from a committee largely composed of members of companies that traded on the Exchange. Hoorah, now he is going to buy some cars or people or something.
Comments
He deserves every dollar he was paid. It's good to know the guy finally was vindicated for the actions of corrupt individuals that are well documented in the Book, "King of the Club." And look at the state of our markets today.
Posted Sat, 08/29/2009 - 3:37pm