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09-18-2003, 02:07 AM
NYSE head quits after outcry

NEW YORK (CNN) --The chairman of the New York Stock Exchange has resigned following a public outcry over his $140 million pay package.

Richard Grasso, who has worked at the exchange for 36 years, quit after an emergency board meeting following mounting pressure from investors, regulators, politicians and Wall Street firms over the scale of his payout.

"I shared with the board of directors ... that, with the deepest reluctance and if the board so desired, I would submit my resignation," Grasso said in a statement two years to the day after he reopened the exchange following the September 11 attacks on America.

"I believe this course is in the best interests of both this exchange and myself."

The move came after a day after U.S. business leaders called for Grasso to step down, saying the package was inappropriate for someone whose position was to regulate the market and the exchange.

The controversial compensation package extended Grasso's contract and included a lump-sum payout of $139.5 million dollars in deferred compensation and retirement benefits.

In the wake of last year's corporate scandals and disputes over excessive executive pay, the details of Grasso's package infuriated business and political leaders, who were looking to the NYSE to take the lead.

"Dick Grasso's pay package is extraordinarily excessive, but the amount is just a symptom of the real problem," Sen. John Edwards, a presidential candidate, said in a statement before the resignation.

"The real problem is that the Board of the New York Stock Exchange has operated like a clubhouse, with no accountability to anybody except itself.<hr /></blockquote>

Click on this link to see Grasso being warmly welcolmed by the FARC commander in Columbia. The FARC is a rebel army
who are responsible for bombings, murders and kidnaping. They presently hold 2 US intelligence operatives.
The FARC controls , along with the Colombian mafia , virtually the whole cocaine production that feeds the American market.

The head of the NYSE consorting with terrorist drug barons??????

$140 million?????

.....and the rest!

friends (http://www.bigleftoutside.com/archives/000063.php)