Richard A. Grasso paid $140 million today. - U2 Feedback

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Old 08-27-2003, 06:03 PM   #1
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Richard A. Grasso paid $140 million today.

As I sit here 24 floors above the stock exchange, I am beside myself that the Chairman of the NYSE was just paid $140 million dollars today.

I have to say that I am not one to usually complain about executive pay, and in many cases I believe some of these people deserve the extraordinarily high pay they get, but this to me is absurd.

I will start with the pros, and end with the one con I believe shows this man does not deserve this kind of payout.

--After the two major downtown emergencies the staff at the stock exchange was able to get up and running either the next day or soon thereafter.

--It takes a man with a lot of control to be able to run that zoo.

Now my con:

I cannot for the life of me validate a payday like this after what the country has experienced during the Internet Bubble. No, I do not blame the chairman for the entire thing, but how many corrupt CEO's did we see ring the opening bell? How many companies were able to (through fraudulent stock and option schemes) rape the American people of Billions of dollars in hard earned pay?

A large percentage of investments went to shit from 1999-2002 and I have to lay some of the blame on Grasso and they heyday of the IPO. Yes, it is the individual investors choice to invest, but not under the auspices of phoney revenue numbers, inflated market value, and fake analysis.

I blame the investment banks, more specifically the analysts, and Grasso himself, and I beleive they all belong in jail.

I sometimes see Grasso outside my building getting into his chauffeur driven Suburban. Next time I do, I think I am going to give him a piece of my mind.

$140 million dollars?

The NYSE earned $28.1 million this year.

You do the math.




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Old 08-27-2003, 06:13 PM   #2
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That math is not possible.

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Old 08-27-2003, 07:41 PM   #3
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It is if you do it this way:

Mr. Grasso's annual pay will be $2.4 million, including a base salary of $1.4 million and a bonus of at least $1 million.

The executive also is withdrawing $139.5 million in savings he has acquired during his career of more than three decades at the NYSE. That payout is a combination of $40 million in a savings account, a previously accrued retirement benefit of $51.6 million, and a previously earned balance of $47.9 million that is the result of prior incentive awards. His employment contract was extended to May 2007 from 2005.

that being said, I guess he make alot of money of his own. Still don't fully understand it though and I work at a friggin' business newspaper.
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Old 08-28-2003, 03:16 PM   #4
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it's the

"previously accrued retirement benefit of $51.6 million"

that makes me wonder.

Also, why is the Exchange paying him these funds? He does not use a bank?
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Old 08-28-2003, 06:50 PM   #5
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acty, i think you could consider that $51 million a pension that he is collecting now instead of later. you get the pension based on your service for a company. is it a little high? yeah. but think about other CEOs pensions and you'll understand that is, unfortunately, in line with others.
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Old 08-28-2003, 07:06 PM   #6
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The stock market has been nothing more than a slot machine, since regulation regarding it, such as the requirement that all stock purchases must be held for 24 hours before being sold (to prevent gambling-like "day trading"), was abolished in the 1980s. Part of it, needless to say, is the fault of past administrations, being too trigger happy with laissez-faire capitalism.

Well, now we can learn the hard way why those old regulations were legislated in the first place.

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