Sunday, October 22, 2006

Grasso loses round 1

Richard Grasso, former head of the New York Stock Exchange, has been battling to keep the $187,500,000 pay package awarded by the Exchange board of directors. The controversy that erupted when the size of the package became known in the press forced Grasso to resign in 2003. Eliot Spitzer, New York's attoney general and current gubernatorial candidate, brought suit against Grasso to have him return a lot of the money.

The legal battle has gone back and forth. Last week a state judge ruled that Grasso will have to give some of the money back because he did not tell his board the truth about the compensation package. How much he'll have to return will be decided within the month, but it looks like it will be close to $100,000,000.

Of course, Grasso will appeal.

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