What are the odds he's a Republican?
Big Board Report Says Ex-Chief Was Overpaid by $144 Million
By LANDON THOMAS Jr.
Richard A. Grasso, the former chairman of the New York Stock Exchange, received $144 million to $156 million in excess compensation during his time at the Big Board, taking deliberate steps to keep his high-profile board in the dark about his soaring pay and get the money out early, according to a stinging internal report released today by the exchange.
Authorized by Mr. Grasso's successor, John S. Reed, the 128-page report was compiled by Dan K. Webb, the exchange's lawyer, and delivered to Mr. Grasso's lawyers today in response to an order from a New York state judge.
The document, known widely as the Webb report, paints a vivid picture of a stock exchange board packed with Wall Street chief executives and close associates of Mr. Grasso that was in many ways asleep at the switch, standing by as Mr. Grasso, who worked his entire career at the exchange, came to be paid at levels that equaled and in some cases exceeded his peers at large financial companies.
It documents a culture of excessive pay at the exchange, whereby Mr. Grasso's executive assistant was paid $240,000 a year and his two drivers $130,000.
