NYSE Discloses Additional Pay for Grasso

[cthrumatrix]

NYSE Discloses Additional Pay for Grasso

By MEG RICHARDS
The Associated Press
Tuesday, September 9, 2003; 8:01 PM


NEW YORK - Pressed by regulators to explain the lavish pay for chairman Dick Grasso, the New York Stock Exchange revealed an additional $48 million in deferred compensation Tuesday but said Grasso would forfeit it - after a payout of nearly $140 million announced two weeks ago.



A letter to Securities and Exchange Commission Chairman William Donaldson showed how Grasso's salary and other compensation ballooned from a total of $3 million in 1996, his first full year as chairman and chief executive, to $25.5 million in 2001, his most richly paid year. Multimillion-dollar bonuses, particularly in 2000 and 2001, accounted for much of the growth.

more..
http://www.washingtonpost.com/ac2/wp-dyn/A50986-2003Sep9?
language=printer

I don't begrudge an "actor" like Grasso making money....becuase he certainly is not helping with enforcing any rules.

This stands out like a soar thumb...easy to understand why people think these guys are "crooks".

[cthrumatrix]

1. "It makes you wonder what other bones are going to be dug up." LOL

"The pressure is going to continue to build," said McGurn, noting that members of the NYSE are also pushing for a special meeting. "It makes you wonder what other bones are going to be dug up."

http://www.washingtonpost.com/ac2/wp-dyn/A50986-2003Sep9?language=printer