Word: spitzers
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Dates: during 2000-2009
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...their legal departments with one former government regulator after another. "Many of our clients are looking for people with strong regulatory sensibilities," says Susan Kurz Snyder of Greene-Levin-Snyder Legal Search Group, an executive-recruitment firm. In the past year, Eric Dinallo from New York attorney general Eliot Spitzer's office and the SEC's Patrick Patalino have switched over to Morgan Stanley and Credit Suisse First Boston, respectively. The latest defector: Beth L. Golden, Spitzer's former deputy of special projects, who becomes the global head of compliance at the Bear Stearns Cos. next month. Bear Stearns...
...Boss's Cut New York Attorney General Eliot Spitzer is determined to bring CEOS' salaries down from the stratosphere...
...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...
...post of chief regulatory officer. In Washington the SEC is developing proposals that would tighten regulation of U.S. stock exchanges--the first order of business being that they must abide by the same disclosure rules they impose on publicly traded companies. But the changes afoot aren't enough for Spitzer. In a recent interview with the Harvard Business Review, he noted that "we have board compensation committees that are self-selected and interwoven. It's a rigged marketplace." Asked what it would take to right the playing field, he tells TIME, "I have no idea what the solution...