Word: grasso
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...Management, agreed to pay a $60 million fine and accept a lifetime ban from the securities industry to settle charges of improper trading. Spitzer will be at it again this week. He's expected to file a lawsuit seeking to force former New York Stock Exchange (N.Y.S.E.) chief Richard Grasso to return most of the $140 million in accrued pay he received shortly before resigning under pressure last year...
...mails between their departments automatically bounce back. The compensation committees of public companies must now be composed of independent directors, reducing the chances for cronyism. There's legal basis for forcing executives to give back bonuses when accounting fraud is proved. Mutual-fund fees are coming down. And the Grasso flap is riveting attention on the thorniest issue of them all, one that seems unlikely to be resolved in a definitive way: Just how much is a CEO worth...
...stacked with cronies too often still rubber-stamp excessively rich packages. In most cases, CEO pay is a question not of what is legal but of what is right. "The nature of CEO compensation is something that deserves additional scrutiny. One of the things that will emerge from the Grasso investigation," he says, "is the failure of compensation committees to fulfill their obligations." The Grasso case involves some of the most high-profile executives on Wall Street--the people who approved his payout in the first place...
...Grasso suit will probably name former directors who approved Grasso's pay, the most prominent of whom is Ken Langone, Grasso's longtime friend who chaired the compensation committee during the years that Grasso received his biggest compensation deals. Spitzer was in talks with Langone's lawyers late last week in one of those 10 cases the tireless New York attorney general...
Langone has steadfastly defended Grasso's pay, appalling though it might have been by the standards of a not-for-profit institution like the N.Y.S.E. In fact, the basis for Spitzer's suit is a New York not-for-profit law dictating that pay be reasonable for services rendered. From 1999 through 2002, Grasso was paid more than $76 million--more than a third of the exchange's net income in that period. Langone has argued that Grasso was worth every dime, in part for getting the markets running after the Sept. 11 terrorist attacks. Grasso's lawyer has said...