The Grasso "scandal" has every appearance of hating the good for being good. Just like the federal indictment of Martha Stewart, the ouster of Grasso is not about corporate ethics or the rule of law, but about demonizing those who dare to earn and enjoy business success.
The most disturbing aspect of this story is the self-indulgent whining from numerous state treasurers--including California's--over Grasso's "unfair" pay package. You can argue the treasurers are a valid stakeholder, since state-administered pension funds are a major stock investor. That's true enough, but state treasurers are first and foremost politicians, not businessmen, so their criticism of Grasso is presumptively an act of political self-indulgence, not a rational criticism of NYSE's business practices. Especially coming from states, like California, that have financially mismanaged themselves into near-insolvency, the attack on Grasso's salary seems little more than an effort to deflect public attention from the genuine financial scandal of state budgets run amok.
posted by Skip Oliva at 10:37 AM | link | donate | 1 Comments, last by John Galt
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