WSJ/CNBC: Dick Grasso Offers Resignation, NYSE Accepts

The Wall Street Journal | September 17, 2003

[dennisw]

Take the money ($140 million) and run. That ought to make the average investor more confident about the stock market.

[Beck_isright]

Pinging some of the usual suspects.

[dennisw]

Dick Grasso is part of the greed is good mentality. Greed and financial ambition have their place but sheeesh...

[Jackie]

"Somebody" must have read my posts here re Grasso (which go way back) and got the ball rolling. Har.

There was no pay-package controversy when I started in on Grasso.

He was operating a fraud pit -- the New York Stock Exchange -- and allowed the crooks to go wild in his casino in exchange for MONEY. Others will be exposed.

I'll be watching those two entertaining gangsters (Kudlow & Cramer) tonight on CNBC. I hope no one's taking anything they say seriously, or taking seriously anything that comes out of their guests' mouths. What a bunch of manipulators!

[Batrachian]

A certain amount of enlightened self-interest is a requirement for success, but this goes way beyond the pale, and it's bad business. It's not uncommon, either. We used to hear the phrase "golden parachute" quite regularly. I'm not sure if the phrase is still in use, but the practice certainly is.

[SierraWasp]

"The emergency meeting came as the heads of four of America's largest public pension funds -- two in California, one in New York and one in North Carolina, representing combined assets of $401 billion -- asked Mr. Grasso to step down."

Some of us in CA have been watching our Commie Treasurer grabbing some suspicious "face time" on this issue and are looking for ulteriour motives with all the crappola going on in our two public pensions under total obscene control of Demonicrats! Something is boiling just under the surface with this that could be really big!!!

[b4its2late]

He got something like $39 million to retire. That ain't bad...

Add $100 million or so, and you'll be on target.

[b4its2late]

He really does look like his name......

[Timesink]

Ha! CNBC is already running "We were first on Dick Grasso" ads! BWA-haaa!

[NoControllingLegalAuthority]

The problem with greed is the dollars are never enough. The pile of dough is always short of what somebody wants.

[Alberta's Child]

You raise an excellent point.

The real problem isn't the guy who's getting a big compensation package, though -- it's the people who are willing to pay him that kind of money in the first place.

[Beck_isright]

Pathetic. Of course I flipped over to that other network and they were not even covering the story. Lou Dobbs has to feel like Nancy Pelosi; saying alot and no one cares or listens.

[_Jim]

I've pondered making a database of all the Board members ...and see where all the cross fertilization is.

I've had thoughts along the same lines at times ...

[Timesink]

Pathetic. Of course I flipped over to that other network and they were not even covering the story. Lou Dobbs has to feel like Nancy Pelosi; saying alot and no one cares or listens.

Well, let's not knock Lou. He's one of the few real conservatives at CNN. (For example, he has BANNED Wesley Clark from his show.) And he has intentionally broadened his show's focus of late beyond just business.

But still, I am amazed that he apparently gave very little - if any - coverage to the Grasso story. Every time I flipped over to CNN, he was talking about something else. (Well, he's talking about it now, at the very end of the show.)

[Beck_isright]

Oh no, that wasn't a slam at Lou. He feels trapped over there and I'm sure the microsecond his contract is up, he's bailing. Lou has to feel like the loneliest man at work every day.

[Beck_isright]

All of the cross fertilization will center in D.C.

[OldFriend]

The ultimate irony, that Goldman Sachs and Merrill Lynch asked for his resignation.

Rats every one!

[Wphile]

You are so right about the Board. Criminy, with all the corporate scandals the past couple of years and not one single board member has been held accountable to anything. The Boards are supposed to serve as the watchdogs for the shareholders and it is overwhelmingly clear that they have not done so but yet no indictments, no nothing. It's rather appalling. I suppose the shareholders could all vote them out but even that is very unlikely.

[OldFriend]

Grasso was paid to look away.....and he did.

[DWC]

Grasso put in to nomination leon pinnetta, carl mccall, and madeline halfbright for the board of directors. That should give you an idea.