Dick Grasso Payout
Two years after the former New York Stock Exchange chief Dick Grasso fiasco over large sums of money being paid out, details have been released about what went on. So, why was Dick Grasso paid $US139.5 million by NYSE directors?..
Report Sheds Light on Grasso's Pay
"In the excerpts, the directors variously describe Grasso as an "A-plus" chief executive doing a "fabulous job," the "best CEO the Exchange ever had." They explain that part of the reason they paid him so much in cash was they feared he would leave for an organization that could offer him an even sweeter stock-options package."
And the man chasing Grasso for the obscene payout, New York Attorney General Eliot L. Spitzer believes..
"Grasso's pay was unreasonable under New York law for the head of a not-for-profit organization. He also contends that directors were kept in the dark about the full extent of Grasso's compensation and that Grasso manipulated his own pay through intimidation. Spitzer is demanding that Grasso repay the exchange at least $100 million."
There's more details at the Washington Post here..
Report Sheds Light on Grasso's Pay
"In the excerpts, the directors variously describe Grasso as an "A-plus" chief executive doing a "fabulous job," the "best CEO the Exchange ever had." They explain that part of the reason they paid him so much in cash was they feared he would leave for an organization that could offer him an even sweeter stock-options package."
And the man chasing Grasso for the obscene payout, New York Attorney General Eliot L. Spitzer believes..
"Grasso's pay was unreasonable under New York law for the head of a not-for-profit organization. He also contends that directors were kept in the dark about the full extent of Grasso's compensation and that Grasso manipulated his own pay through intimidation. Spitzer is demanding that Grasso repay the exchange at least $100 million."
There's more details at the Washington Post here..
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