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To: X Y Zebra who wrote (47630)	9/18/2003 10:26:23 AM
From: X Y Zebra	Read Replies (1) \| Respond to of 57110

and it gets even better..... HO HO H O !!! __________________________________ September 12, 2003 -- Despite Dick Grasso's rich history with the New York Stock Exchange, the act of firing him could be less expensive than the typical big CEO's kissoff. Grasso is under fire for having been paid too much to run the exchange for the past seven years - a package that totaled more than $190 million, including earlier deferred pay. The New York Stock Exchange would probably have to pay close to $28 million to kill its new four-year employment contract with its 57-year-old chief. But many fired CEOs of his stature have reaped far larger golden parachutes, usually in excess of $50 million. Still, a Grasso exit wouldn't come cheap. His current job pact, signed just two weeks ago, gives Grasso a base salary of $1.4 million, plus certain bonuses and other generous perks, including security guards for his home, and salon and spa treatments for his wife, Lorraine, when the two are on the road together. In the event of his dismissal, he would still collect that salary as well as a bonus payout that could total $15 million, according to estimates based on his past bonuses. He also gets to keep his generous retention bonus of $5 million, which swells to $7.3 million at the end of his contract - even if he's no longer working for the Big Board. That gain is from 8 percent annual compounded interest paid on the amount, using stock exchange funds, according to the board's internal documents. Grasso was such a stickler over his job pact that, in the event of his dismissal, he even gets 40 percent of all unused sick days left over from his 60 days of normal sick pay at $6,000 per day. Grasso also gets generous protection from any criminal or civil actions arising from any NYSE scandals - with a minimum of $70 million a year for lawyers. The protection lasts for six years after he's out of the job. In case he does get nailed for fines or lawsuits, the Big Board will separately, using its own funds, pick up the entire tab to indemnify him long after he's gone. nypost.com _____________ I say that the NYSE is a cooked rice already, they just don't know it..... yet I repeat... Kudos to Dick who dicked the dickers... -gggg

To: X Y Zebra who wrote (47630)	9/18/2003 10:58:56 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 57110

xyz... it really comes down to the issue of the nyse being it's own "regulator" being "suddenly exposed" obviously this was an issue flying under the radar until the stark revelation of grasso's pay package now everyone is running around suggesting the "the fox (filthy rich one at that) is guarding the henhouse" the nyse is a private entity, if they want to regulate themselves for appearances, fine, and the board should be able to pay chairman whatever they like....it's just that only now, the lavishness (arguably) of the remuneration puts the entire operation under the same type of scrutiny as the corporations they buy and sell. big oops