Let's make it official. At the heart of both cases is one legal, moral and ethical question. Managing Editor David Lat. Grasso tried unsuccessfully to have the case thrown out of court. The attorney general said he singled out Grasso and Langone because they allegedly actively misled the other board members, although the entire board could have been held responsible for approving the compensation. The meeting will set the stage for what should be one of the most closely watched court battles of the new year, pitting an ambitious attorney general, who has made his mark cracking down on abuses in the brokerage business, against two of Wall Street's most recognizable figures.
Dick Grasso: ‘I am From the Streets, I Wasn’t Wall Street Royalty’
Others say they were confused. In early , Grasso was engaged in a dispute with employees of a specialist firm called Henderson Brothers, which at the time was up for sale. Indeed, Webb's report, which has yet to be released publicly, concluded that Grasso's peak pay was "grossly excessive It would be hard to imagine an institution where such an approach made less sense. Tips for Certiorari and Oral Argument. Although their ostensible purpose was to ensure liquidity whenever there was a shortage of buyers or sellers, that was rarely necessary. He did not go easily, however.
Richard Grasso - Wikipedia
The same thing happened the following year. We all had access to that same information, beginning, middle and end and that's why singling people out in this case is so obviously misguided. Langone viewed them as little more than a "starting point. But few regard Langone as deceitful. The pay scandal was an ignominious close for Mr Grasso to what had been a successful career on Wall Street.
And the money Dick Grasso gives back is not going to go to shareholders or widows and orphans or worthy causes. Recommended For You Powered by Sailthru. Ashen recognizes in hindsight that certain mistakes were made, but at no time did he intentionally provide inaccurate or incomplete information to the Board of Directors," Yannett said in a statement. It turns out that this case is an anomaly precisely because of the non-profit rule. Ashen, a year employee at the exchange, that Mr. Featured It's time for better capitalism.