Thursday, August 18, 2005

Grasso Stands Firm

The likelyhood of a settlement between Dick Grasso and Eliot Spitzer regarding Grasso's $ 187 million compensation became even less likely when Grasso commented on the case:
Current NYSE chief exec John Thain is willing to settle if the former chairman gives back $25 million, Newsweek reported on its Web site Tuesday.

State Attorney General Eliot Spitzer brought the suit against Grasso last year on behalf of the Big Board and would ultimately make that decision, not the NYSE.

"I have no interest in any settlement where I would give any money back to the exchange," said Grasso in response to the Newsweek article. "A nickel is an admission on my part that I did something wrong. I will never do that."
With the suit now likely to go to trial Carl McCall is now likely to testify about his role in the compensation package.