WSJ/CNBC: Dick Grasso Offers Resignation, NYSE Accepts

The Wall Street Journal | September 17, 2003

[Timesink]

More TK...

[Beck_isright]

That sould read "FARC is the bad guys"... but this since I'm not an expert typist anyways...

[hripka]

Between Gra$$o and his millions, consular IDs being accepted from illegal aliens, ankle-biting democRats, etc. where IS this country going?

[goodnesswins]

This whole thing is more a corporate GOVERNANCE issue than a Dick Grasso issue.....he's just getting the fallout from being caught by those looking more closely at issues of pay in light of the last few years. I predict more fallout.

[Beck_isright]

You left out Grasso meeting with communist terrorists in Columbia. Where is this country going? In the wrong direction if you ask me.

[hripka]

I know there are worse problems

such as what ?

OK, beyond terorism, illegal immigration/loose borders, the yuan/dollar problem, overvaluation, etc. etc.

[TopQuark]

the Board had a fiduciary responsibility to it's "shareholders" which it is now being forced to acknowledge. I agree completely. Except that duty has been exercised. What is under-reported or misreported is the fact that the huge sum of $140M is not pay: it is pay plus return on investment.

It is much like reporting on a guy that puts $1,000 a year into an IRA that, at the age of $70 he received a pay of $200,000. He's put in $30,000 an the rest is appreciation of assets.

The same is with Grasso. If you look at his pay, it's not out of line with other CEOs. And his performance is much better than most, nothing short of spectacular.

The true, unreported cost is the lesson that any young person in America has learned today: be a victim, don't work hard and do not try to be suceessful. The guy rose from a clerk. We used to celbrate such stories in this country.

Grasso was merely thrown to the dogs --- the general public that has internalized the socialist outlook. That's all that happened. The public wanted blood and got it.

[hripka]

If he is a crook, you should contact the DA and make sure he is behinf bars. In the absence of evidence, this is a false accusation -- a big sin and violation of one of the Commandments. So, what makes you a conservative if you spit so easily on our basic values?

The Lord cleaned out his Father's house.

We have some cleaning of our own to do.

[TopQuark]

I was not referring to the board: the board merely threw him to the dogs -- the public that was made angry by socialist indoctrination.

[hripka]

However, you are missing the re-valuation of underwater options.

[Ciexyz]

Following this story with great interest.

[goodnesswins]

Well....Grasso is NOT the first one being "thrown to the dogs"....and won't be the last. The "little guys" who put their IRA money away, and watch their paychecks get chunked for Social Security are the ones who probably are really pissed. And, if Grasso turns out to be a big LIB.....watch out. Hypocrites should get shafted. Of course, then there's the Board.

[Beck_isright]

"And, if Grasso turns out to be a big LIB.....watch out."

How much LIB do you have to be than Grasso? Here's a picture of him meeting with a leader of the communist terrorist movement, FARC, in Columbia in 1999:

[lelio]

I take it you got that image from here, right?

That doesn't look like Dick Grasso to me. Anyway its always amusing to see white guys in khakis talking to a person with a gun.

[arete]

the public that was made angry by socialist indoctrination.

The public? 98% of the public doesn't even know who Dick Grasso is. This was either an inside job or it came from Donaldson. Someone wanted him gone and the money issue was just the opportunity.

Richard W.

[TopQuark]

Sorry to be imprecise: I include pension fund managers into "public." Witness also an vitriolic anti-corporate article by the editor-in-chief of CBSMarketwatch. There is plenty of anti-corporate public there that turned up noise.

Your point is well-taken, of course: Grasso was to successful not to cause envy. He was pushed out from the inside by exploiting the sentiment of the public. I can imagine a few, probably including Donaldson, dancing on the grave.

[OldFriend]

On the contrary. Both firms got exactly what they paid for.......someone who would NOT see, NOT hear, NOT do anything.....

Now that arrests are imminent they see no reason to continue with the payoff.

[calvin sun]

Can anyone tell me if Dick Grasso was related to the late former Connecticut governor Ella Grasso? Thanks.

[habs4ever]

The SEC has oversight and the ability to be punitive, so I think you maybe confusing the two bodies.The NYSE is much like the ABA in how it regulates and monitors its own members.The NYSE deals with trading issues, not corporate governance matters that are the purview of the SEC.

No matter, this pay packgae is akin to the man getting a % on every share of stock moved.It's like the Mafia.

[ampat]

The rich paying each other far beyond what they're worth.

[RaceBannon]

not sure. Do a Google search for GRASSO + Windsor Locks