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Article: Grasso's gross-out; The New York Stock Exchange.(That pay packet)(Richard Grasso)
- Article from:
- The Economist (US)
- Article date:
- September 6, 2003
CopyrightCOPYRIGHT 2003 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Now ride off into the sunset
The NYSE's chairman sets a new standard for executive compensation
RICHARD GRASSO, the chairman of the New York Stock Exchange (NYSE), calls himself the CEO of capitalism. His behaviour may shed light on why both chief executives and capitalism are widely disliked. In a stiff bear market, as investors in companies trading on the NYSE lost billions, and as investment banks supposedly regulated by the exchange were shown to have acted grubbily, Mr Grasso quietly accumulated a fortune.
In June, under pressure from the Securities and Exchange Commission (SEC), the NYSE said that it would provide information about Mr ...