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September 15, 2003
$139M payout is the latest NYSE black eye
By RACHEL BECK
AP Business Writer
AP Business Writer
NEW YORK -- First, it's revealed that New York Stock Exchange chairman Dick Grasso is getting a payout totaling $139.5 million, and that raises many eyebrows.
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How does he cash in so big? The Securities and Exchange Commission, whose chairman preceded Grasso at the Big Board for a fraction of the money, wants to know. So the NYSE responds that Grasso's actually supposed to get even more, $48 million more, but he'll forgo that "for the good of the institution."
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