Fox News: NYSE's Dick Grasso Asked to Quit by NYSE Board

Fox News | September 17, 2003 | Terry Keenan

[Timesink]

Live now on FNC ... Dick Grasso asked to resign, conference call ongoing right now.

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Only thing going on now is negotiation of his exit package, says Keenan.

[dogbyte12]

CNBC earlier reported an emergency meeting. A bunch of the big investors are asking for his head. California pension fund for example has big clout because of the amount of dollars they put in. He has probably minutes left in his term.

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Keenan said Grasso managed to piss off the two most powerful board members, and has embarrassed all of them. Especially angering them was his FIVE MILLION DOLLAR bonus for his "handling of 9/11."

[FreeTheHostages]

BTTT

[HOYA97]

Why would anyone develop such a huge pay package when he must have known how the market and investors would react?

[dogbyte12]

He was in charge with Enron, Global Crossing. His package is a wee bit high for somebody in charge during then. Heck we just had some Merrill Lynch prosecutions announced today because of Enron.

I just think that paying him exponentially more than any other SEC director ever in a time of corporate scandal is politically untenable now. It's not his fault he got the money, but I am sure his $200 million pay for 5 years of work will comfort him.

[governsleastgovernsbest]

Good question. I'm curious to know just why he was given such a huge package.

I mean, he seemed like a good cheerleader for the NYSE. But $140 million? You could get the entire Dallas Cowboy cheerleading squad for a lot less than that!

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CNBC still hesitating, saying they "may" ask for Grasso's head. But Keenan was emphatic that he's already dead. The only question is whether he resigns tonight or tomorrow.

[ChadGore]

Grasso HAS EARNED EVERY PENNY! This is divisionist class rhetoric.

[Timesink]

Why would anyone develop such a huge pay package when he must have known how the market and investors would react?

Apparently he didn't think people would ever find out about a lot of it.

[dogbyte12]

If you pay me $200 million, I promise that I will only let one or two Global crossings happen. This I vow!

[Timesink]

Correction: Emergency meeting occuring on 6th floor of NYSE headquarters. Some people may be conferencing in by phone, but Grasso's facing the music in person.

[Timesink]

CNBC also reporting a huge scrum out front. Bob Pisani says that he's been on assignment the last few days, and in just that short a period between then and today, he's amazed at how much support Grasso has lost on the floor of the exchange.

I think Dick's doomed.

[Beck_isright]

Gee, I feel so sorry for him.

[Beck_isright]

Per CNBSC...Grasso just resigned. One more rat gone, hundreds more to go...

[WVNan]

I'm ignorant about the SEC. Is this a politically appointed position or internally elected?