Grasso's package ridiculous, but he should keep it.(Opinion)

Investment News, May, 2004

Richard A. Grasso should keep the outrageous compensation package that he received from the New York Stock Exchange unless New York Attorney General Eliot L. Spitzer can prove that the former NYSE chairman somehow fooled its board and compensation committee. After all, many think that Mr.

Grasso, through a combination of savvy marketing, timely accommodation, and smoke and mirrors, saved the NYSE and preserved its position as the premier place to trade stocks in the nation, and perhaps the world. Even given all that, his compensation was still ridiculously rich. There is, however, more evidence of board and compensation committee negligence than there is that Mr. Grasso tricked them, and there is no evidence that he held a gun to anyone's head....

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