Nov 14 2007
King of the club
This book on Richard Grasso, and the Survival of the New York Stock Exchange, by Charles Gasparino. Grasso grabbed headline when then AG Spitzer sued him for his legally granted $140m deferred compensation parked in retirement a/cs. It might be extravagantly earned, but nevertheless legitimately. But Spitzer claimed the pay was ‘illegal’ and went after him. I was confused. Wondering what’s wrong with the AG, shouldn’t he go after the people who granted this package??? Oh, no, he won’t, because few people sitting on the NYSE board would be his political backer, like McCall who’s a prominent NY Demo. When the author probed Spitzer on Mr. McCall, that led to verbal threats against him by the AG’s staff. So much for the clean guy. I wouldn’t be surprised one day soon he’ll run for president. Well, he looks pretty sneaky .. what do I know.