War on Wall Street

Newsweek, May, 2004 by Charles Gasparino

It's war on Wall Street. Even as New York's Attorney General Eliot Spitzer was announcing his lawsuit against Richard Grasso Monday over the former New York Stock Exchange Chairman's $139.5 million pay package, Grasso and otherswere already planning their counter-offensive--and Spitzer himself will likely be one of the targets.

NEWSWEEK has learned that Grasso's legal strategy involves questioning the motives behind Spitzer's lawsuit, unveiled today, including whether the high-profile attorney general is using the pay controversy to bolster his stature in the New York State Democratic Party. NEWSWEEK has also learned that Grasso plans to sue the NYSE board that approved his pay dealand that, if successful, he will give whatever money he wins to charity.

Spitzer...

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