Word: grasso
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...hopping Wall Streeters have never put a premium on loyalty. So Dick Grasso is a rarity--a man who has had exactly one employer, the New York Stock Exchange, in his entire 36-year career. The Big Board chairman gave a hint last week to what's been keeping him there. Mindful of the exchange's push for more openness among its members, Grasso disclosed that he earns a minimum $2.4 million annually. Very nice, that. But he also announced that he would cash out close to $140 million in deferred pay and retirement benefits this year...
...says it doesn't pay to stay put? That breathtaking sum stunned some of the Street's own stunningly paid honchos. And it comes at a time when thousands of investment bankers and brokers have lost their jobs. The N.Y.S.E. was quick to point out that Grasso's lump-sum payment built up over his 20 years as a senior executive. Still, even accounting for decades of compounded interest and (at least for a while) a booming stock market, $140 million is "very generous," says Doug Jensen, an executive-compensation consultant at Hay Group in Norwalk, Conn. Consider...
...Grasso's pay has been a subject of intense curiosity since May, when the Wall Street Journal reported that his compensation totaled $12 million last year. In the wake of recent corporate-accounting scandals, Grasso pushed hard for strict new N.Y.S.E. governance requirements, with a focus on transparency. So pressure has built for the Big Board to follow the same standards as its members. "It was Dick who said earlier this year, 'Look, times have changed,'" says N.Y.S.E. spokesman Robert Zito. By disclosing Grasso's pay while extending his contract through 2007, the N.Y.S.E. board ate its own cooking without...
...million Amount paid by the New York Stock Exchange in 2002 to its chairman, Richard Grasso...
Amid that kind of background noise, neither Wall Street nor Main Street is tuning in to Bush right now. For investors big and small, "it's a matter of reconnecting the metric--company to industry to economy--that's missing today," says New York Stock Exchange (N.Y.S.E.) chairman Dick Grasso. And that may be beyond Bush's capabilities, as well as the public's expectations. The N.Y.S.E. is hurrying up new regulations to give independent directors more control of the companies in their care. And Grasso is looking past Labor Day for investors to reconnect with fundamentals, especially as third...