I just read that Grasso received a $5mil bonus for get this..... " 9/11 leadership". http://news.ft.com/servlet/ContentS...y&c=StoryFT&cid=1059479768696&p=1012571727088 Total bullshit! I demand a resignation and tighter scrutiny on the whole NYSE. --MIKE
There's more related news: Washington Post: <a href=http://www.washingtonpost.com/wp-dyn/articles/A62751-2003Sep11.html>Grasso Handpicked Pay Panel</a> Newsday: <a href=http://www.newsday.com/business/ny-grasso0919,0,7348989.story?coll=ny-business-headlines> NYSE Discloses Additional $48M Pay to Grasso</a> The Times, UK: <a href=http://www.timesonline.co.uk/article/0,,5-813753,00.html>Grasso's pension payments could have 'crippled' NYSE</a>
it's not that we would turn it down, it's that it's such a waste of money. and why is he really getting paid that much?? Wong!
that is indeed the question.....too much money to pay out without having received something in return. this should become quite interesting.
Capitalism should be about being at risk for something and receiving a commensurate reward for that risk. Grasso is in a far different position than Bill Gates, Warren Buffet, Larry Ellison and any other owner who could lose all or a good chunk of wealth in a turn of a card. The NYSE as a trading entity could be eliminated by electronic exchanges with little or no effect on the average investor. And for regulation we need look no further than Enron, Global Crossing, Ahold to see the massive failures of the NYSE to police its companies. But as long as sagacious gladhanders like Kudlow and Cramer jam this sort of socialism as capitalism I suppose we are stuck with the current definition.