Later, DICK!

Posted by: on Sep 17, 2003 | No Comments

So, the NYSE board’s compensation committee a few weeks ago decided to award Chairman Dick Grasso a $140M pay and retirement package. Uh-huh, one-hundred-forty-MILLION dollars.
Now, the NYSE is an organization that absolutely must maintain it’s credibility as the world’s largest and most respected exchange. Natch, the board which is mostly made up of big-wigs from financial powerhouses (they all sit on each other’s boards) thought no one would notice… but, of course, everyone did. And I mean everyone. And they were pissed. So… very… very… pissed. Financial news orgs were abuzz with industry watchdogs crying foul.
Today, in almost record time (3 weeks?) ol’ Dicky was kicked to the curb. Not like he’ll be checking into the poor house or anything.
An attempt will be made to make this all go away all nice like, but if I were a company looking to get listed, I’d be calling the NASDAQ right about now.
MMMM… the sweet smell of corruption!