Mr. Grasso's own pay proved to be the one monster he couldn't slay. When word first filtered out in May, through an article in The Wall Street Journal, the size of his pay package raised eyebrows among critics who saw the amount as unseemly for an official who was, in large part, a financial regulator. In August, when the NYSE announced a new contract that would keep Mr. Grasso at the exchange through May 2007, the exchange said that he would take home $139.5 million in deferred pay he had accumulated over the years.
Can we say... "green"??
[with envy, that is...]
Dick should have taken it, instead of deferring it... I doubt he'll see much of that...
It was an unlikely end for a man who spent his career at the exchange, rising from mere clerk to become the Big Board's first staff-bred chairman and chief executive; a scrappy young man from Queens, New York, who consorted with business titans and heads of state when they came to the exchange to ring the opening bell.
Did he work for his money ? I say yes, he did....
well, it sounds like a novel to me.... -g
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"Then you will see the rise of the men of the double standard—the men who live by force, yet count on those who live by trade to create the value of their looted money—the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law—men who use force to seize the wealth of disarmed victims—then money becomes its creators' avenger. Such looters believe it safe to rob defenseless men, once they've passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.
"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion—when you see that in order to produce, you need to obtain permission from men who produce nothing—when you see that money is flowing to those who deal, not in goods, but in favors—when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you—when you see corruption being rewarded and honesty becoming a self-sacrifice—you may know that your society is doomed. Money is so noble a medium that is does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.
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"Run for your life from any man who tells you that money is evil. That sentence is the leper's bell of an approaching looter. So long as men live together on earth and need means to deal with one another—their only substitute, if they abandon money, is the muzzle of a gun.
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I hear that there has been 2 individuals already turning down Mr. Grasso's job.....
good !! I hope the NYSE disapears soon.... The NASDAQ will take care of that...
who would be the fool to take such a job, after they slain their own-bred superstar, on the cry of the moochers....
oh well.... what a farce....
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