Sunday, October 02, 2005

Langone speaks out


Ken Langone, one target of Spitzer's "investigation" into Dick Grasso's NYSE compensation package demands an apology and debunks Spitzer's allegation that members of the NYSE board were duped.

Of course Spitzer never has even addressed the fact that it seems so farfetched that anyone seen as "worthy" of a seat on the New York Stock Exchange's board is probably not going to be just tricked into approving of a compensation package that goes against their interest as a equity holder in the NYSE.) Nor has Spitzer explained why Democrat bigwig Carl McCall got a pass in this investigation.

Here are the key passages from Langone's op-ed from the W$J:
Their testimony is clear and consistent. Of the six directors deposed thus far who served on both the compensation committee and the full board, each has said they were not deceived in any way. They all confirm that, as head of the NYSE compensation committee, I provided them and the board with complete and accurate information about Mr. Grasso's proposed compensation--and that they approved it.

Pressed for examples, they cited one-on-one meetings with compensation experts, committee meetings, conference calls, comprehensive written documentation, full board meetings, as well as annual presentations I gave both to the committee and the board that included detailed handouts and unfettered opportunity for discussion and debate.
He continues:
That's why the citizens of New York have a right to demand some answers of their own. How much taxpayer money, for example, has been spent so far to finance the attorney general's boondoggle of a case? And why? Even if he were to somehow prevail, the damages would be handed not to the state but back to the owners of the Stock Exchange, millionaires one and all--myself included.

New Yorkers know when their tax dollars are being squandered. They also know what a bully looks like and how to treat one. Mr. Spitzer may be a little lightheaded from all the puff-and-fluff coverage the media give him, but voters could soon deliver a reality check at the ballot box.
Indeed.

3 Comments:

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12:41 AM  
Blogger gripps said...

Yea they were not duped they approved of the pay package, and received huge offshore payments just like ken

9:18 PM  
Blogger gripps said...

more likely spitzer was framed and likely did nothing wrong that is why his wife appears to be not mad at him. The real bullies are the members of the board that approved the illegal pay package, and allow criminal corporations to steal money from shareholders and then pretend the shareholders have rights.

9:23 PM  

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