Floor traders petition to oust Grasso

[salin]

http://www.msnbc.com/news/965658.asp?0si=-

Floor traders petition to oust Grasso

Floor traders petition to oust Grasso
Reuters


Floor traders at the New York Stock Exchange are putting together a petition calling for new management to replace Chairman Richard Grasso, who is under the gun for his $140 million payout.

JAMES RUTLEDGE, AN NYSE member who has asked the U.S. Securities and Exchange Commission to investigate Grasso's compensation, said he knew of the petition at the world's largest stock exchange.
"I am well aware of the petition," Rutledge said, confirming a report in The Wall Street Journal. He declined to go into further detail.

If the petitioners gather 100 signatures from 1,366 seat owners, they could hold a special meeting to talk about replacing Grasso.

(more)

[denverbill]

1. Sometimes, you just shake your head in wonder.

How the hell can anybody justify a $140 million dollar compensation package? I'm pretty sure this guy doesn't work 2,000 times harder and isn't 2,000 times smarter than me. Chances are, he has MUCH more vacation time, and uses business trips as free vacation time.

It's pretty sad when the millionaire floor traders rise up in arms against one of their own.

When the hell is the world going to sit up and realize that this guy doesn't add $140 million in value to the NYSE?

[cosmicdot]

3. his annual 'retainer' from Home Depot alone is sweet

$90,000

http://www.sec.gov/Archives/edgar/data/354950/000095014403005165/g81109def14a.txt

... and, gets to hang with other big good ol'boys ...

does it seem appropriate for the NYSE head to be on a corporate board?

[cosmicdot]

2. America needs a big house-cleaning

NYSE Chief Richard Grasso: Who Is He, Really?

This next item almost got past the goalie here...

John Crudelle, in the New York Post on Tuesday, reported some very interesting shenanigans regarding the "Who's Who" biography of New York Stock Exchange boss Richard Grasso.

Here are some choice excerpts from Crudelle's report:

THE education information for Richard Grasso, the head of the New York Stock Exchange, was inaccurate for nearly 10 years in "Who's Who." His bio is missing altogether from the 57th edition of the prestigious publication that was put out last fall.
"Who's Who" says it generally gets its information from the people themselves, their companies or representatives.

The NYSE says it was the publisher, not it, that mistakenly gave Grasso a Bachelor of Science degree in accounting from Pace University that he didn't have.

Pace confirms that Grasso completed 80 credits toward the 120-credit undergraduate degree before its records show he "transferred."

...That same error is contained in biographical information carried by Bloomberg, which not only says Grasso has a "bachelors degree" from Pace but also mentions "Harvard Univ., 1985" on his education page. (I'll get to that in a minute.)

Grasso's biography suddenly disappeared from the latest edition of Marquis "Who's Who" after someone engaged in a lawsuit with the exchange says he tipped off the book's publishers that Grasso doesn't have a B.S. from Pace or anywhere else.

...Ray Pellecchia, a spokesman for the exchange, in an e-mail... said, "Maybe they got wrong that he later received an honorary degree from Pace ? Our bio, which is posted on NYSE.com, of course, does not claim a B.S.," nor has it ever, Pellecchia added...

But Grasso received his honorary degree from Pace in 1995. So it's tough to see how "Who's Who" could have mixed up that education information in its 1992 book with something that didn't happen for another three years.

Richard Grasso with the FARC

Big Left Outside doesn't fully understand how Richard Grasso behaves or doesn't, but we know he's an important guy, upon whose decisions economies and wars rise and fall.

But we do believe this 1999 photo of him hugging a comandante of the Revolutionary Armed Forces of Colombia (the FARC) is accurate.

To understand the role of narco-dollars on Wall Street, we recommend Catherine Austin Fitts' three-part series: Narco Dollars for Beginners, which discusses Mr. Grasso's Colombian outing in greater detail. http://www.narconews.com/narcodollars1.html

http://www.bigleftoutside.com/archives/000063.php

Mr. Grasso serves on the board of directors of The Home Depot Inc.
http://www.nyse.com/about/p1020656067652.html?displayPage=%2Fabout%2F1022221392205.html

Mr. Grasso serves on the board of directors of Computer Associates International Inc., and as vice chairman of the National Italian American Foundation. He also serves as a trustee of the Centurion Foundation, the New York City Police Foundation, the Trooper Foundation for the State of New York, and as a member of the New York City Public Private Initiatives Inc. He serves as chairman of the Economic Club of New York, as a member of the Yale School of Management advisory board, as a member of the Baruch College School of Business Advisory Council, as a member of the New York University Stern School of Business Board of Overseers, as a trustee of the Stony Brook Foundation, as a member of the National Advisory Board of the Leon and Sylvia Panetta Institute for Public Policy, and as a member of the Federal Reserve Bank of New York's International Capital Markets Advisory Committee. He is also a former chairman of Junior Achievement of New York and a former chairman of the YMCA of Greater New York.

Mr. Grasso has received an honorary Doctor of Laws degrees from Fordham University School of Law, Pepperdine University, Graziadio School of Business and La Salle University, and an honorary Doctor of Commercial Science degree from New York University and from Pace University.

He served in the U.S. Army from 1966-1968.
http://www.stern.nyu.edu/lectures/ceo/ceos/grasso.html

Appointed by Guilliani

Became Chairman of the New York Stock Exchange in 1995.

Leveraged the largest economic development subsidy in New York State's history (over $1.1 billion in city and state funds) by threatening to move the Exchange to Jersey City in 1998.

Contributed $5,000 to Pataki's campaign.
http://www.commoncause.org/youth/ny/rebuilding/grasso.htm

[salin]

4. Interesting info on Grasso

seems that this high paid man, but little attended to in the news, is very interesting indeed...

[Snellius]

5. Take a look at just his salary:

Eight years of plenty: Dick Grasso's annual compensation as chairman of the NYSE
1995 $2,164,583
1996 $3,000,000
1997 $5,200,000
1998 $6,000,000
1999 $11,300,000
2000 $21,800,000
2001 $25,550,000
2002 $12,000,000

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479722387&p=1012571727088

[salin]

6. market begins to flail.... and his salary explodes upwards?

hmmmmmmmmmmmm... then as tanks... his salary drops - but still to double his compensation in 1998?