Furthermore, he was completely vindicated on every single point. Langone, a former NYSE board member and ex-chairman of the exchange's compensation committee. Provided it's not an Italian restaurant. Impact -The stakeholders questioned the efficiency, decision making process and leadership within the corporate governance structure at the NYSE. The attorney general also claimed Grasso's payment formula was "inappropriately driven by a comparison with the salaries of top executives in the world's largest corporations. And I get — just because I know you're a numbers junkie when you were running the Big Board.
NYSE 'paid Grasso $157m too much'
The penalties for these murder-equivalents? Many directors came from the securities industry, which, of course, Grasso regulated. Benzinga - Feed Your Mind try pro. In fact, it wasn't a normal profit-seeking business at all, but operated more like a public utility, charging fees to both its listed companies and the firms that operated on the exchange. Just as the Wall Street executives on the board had feared, the outcry was instantaneous. So they began systematically ratcheting up the pay packages at the exchange. The impression the HR chief wanted to leave was that Grasso was already due the money he was seeking.
NYSE 'paid Grasso $m too much' | Business | The Guardian
The NYSE could not be any more interested in this outcome. In other words, "If it ain't broke, don't fix it. Play video Real or Windows Media. Even now, in the midst of investor outrage and media scrutiny, the NYSE has yet to feel much more than exquisite discomfort from alleged violations. Grasso's contention, an examination of that Report reveals that it was critical of him as well as being critical of the Compensation Committee and the Board of Directors of the NYSE. Outcome of the case - Charges were dropped against Richard Grasso - NYSE became a for-profit multinational corporation rather than non-profit corporation.
To Langone, it was a matter of simple fairness: Grasso went on to place a 1,word op-ed article in the Wall Street Journal detailing this counter-suit as well as his grievances against Spitzer. Thain, they predict, will oversee the eventual demise of the open-outcry auction system. That, in and of itself, is a truly amazing feat deserving of mega-bucks in salary. How did the New York Stock Exchange, the board on which most of the largest companies are traded, remain oblivious to the changing public mood? And in , under intense government pressure, the NYSE finally agreed to eliminate fixed commissions. He ridicules the investment bankers on the board who claim they didn't know what Grasso was really being paid--"pet rocks," he calls them.