Spitzer seeks $100M from Grasso

[desdemona]

Spitzer seeks $100M from Grasso

N.Y. attorney general announces sweeping lawsuit seeking return of some of $187M pay package.

May 24, 2004: 5:38 PM EDT

By Krysten Crawford, CNN/Money staff writer

NEW YORK (CNN/Money) - New York Attorney General Eliot Spitzer filed a lawsuit against former New York Stock Exchange Chairman Richard Grasso and the exchange Monday, seeking the return of some of Grasso's $187 million pay package.

The civil lawsuit, which also names former NYSE director Kenneth Langone, came after a four-month probe by Spitzer's office determined that the board of the NYSE was misled about parts of Grasso's pay.

New York Attorney General Eliot Spitzer filed a lawsuit against former NYSE chairman Richard Grasso seeking a portion of Grasso's compensation package.

"You can't pay the head of a not-for-profit that much money," Spitzer said at an afternoon news conference. "The amount paid, close to $200 million, was simply not reasonable."

Spitzer said the lawsuit, filed in state court in New York, would seek at least $100 million back from Grasso and $18 million back from Langone, though the amounts being sought have not been finalized. Langone was the chair of the Big Board's compensation committee when Grasso's pay was approved.

read the article here:

http://money.cnn.com/2004/05/24/markets/sp...rasso/index.htm

[DudeAsInCool]

I dont think Grasso is the problem here - its the overseers who gave him such a large compensation contract.

If you ask me, all of Wall Street should be checked out from top to bottom - nothing but greed as far as the eye can see