(This is more of a current event than a political discussion, but anyway.) Under pressure from the board of directors of the New York Stock Exchange, Dick Grasso resigned today amid the outcry over his $ 140 million dollar compensation package. Partial clip: I think this is a bit of a raw deal. Was he being overcompensated? Yes, probably. But the board signed off on the deal, then turned around and acted shocked about it when the public got upset. The contract didn't fall out of the sky, they approved it. I think this is more of a case of Grasso being too big a figurehead on Wall Street, and the insiders wanting to take him down a peg to show that the exchange was more than just him. And, ridiculous sums though they were, how many people knew who the head of the NYSE was before Grasso or before Sept 11th? Maybe he was given too much credit, but he raised the profile of the exchange and brought it through a very tough time during the Enron/Worldcom fall outs with flying colors.
If I got fired and got to keep $120 million, I'd go and say later suckers...and ask for the other 48. It sucks all around when you consider the bonus is taxed at the highest rate. Sucks for him. In reality, he worked his way to the top stop and he got paid!
Garcia, I think the problem is that he's supposed to regulate the NYSE. Would you buy meat if you knew the meat inspector was getting that kind of money from the meat factory? I wouldn't.
Personally I am glad he is gone. Every morning when I turn on CNBC, I have to watch him shake hands and kiss babies as he is rinning the bell for the market to open, with a shit-eating grin.. I was quite frankly getting sick of it hearing what was going on behind the scenes.. For those of you who arent related directly to the equity markets, Grasso has his positive points, but overall he is just a good lobbyist trying to keep the NYSE's good ol' boy network in full throttle with outdated policies that adversly effect the investing public... Its a shame he got as much as he did.. Hopefully they will bring in an indepedant reg. body that wont keel over like a puppy dog at the offer of free gifts and perks... look at The NASDAQ marketplace:fully automated and it is runs very effeciently.. please no more of this:
You mean in a Wolf/Chicken house kinda way? Then yes, I agree with you. I was not refering to they "why's" of the issue. I was saying that my boy got paid! I wouldn't mind getting the boot if I got paid like that, would you?
Who is on that board? Wasn't Martha Stewart on it? I could have sworn from a Madeline Albright interview, she is on that board.