Richard Grasso
Richard A. "Dick" Grasso (born July 26, 1946 in New York City ) was Chairman and CEO of the New York Stock Exchange from 1995 to 2003.
Life
Grasso was raised by his mother and two aunts in Jackson Heights , a neighborhood in Queens . His father had left the family. Richard graduated from Newtown High School and studied at Pace University for two years before enlisting in the United States Army . In 1968 he left the army and two weeks later became a simple employee on the New York Stock Exchange. He quickly made a career, eventually becoming president and then CEO. As such, he consolidated the position of the New York Stock Exchange as the most important trading place for stocks in the USA.
criticism
On August 27, 2003, it was announced that Grasso had received a benefit package worth nearly $ 140 million. The piquant thing was that the committee responsible for pensions consisted mainly of representatives from companies that were listed on the NYSE and had to oversee Grasso.
After Grasso's predecessor William H. Donaldson as chairman of the United States Securities and Exchange Commission also criticized the agreement, the board of directors of the stock exchange decided 13: 7 to call on Grasso to resign. When Grasso resigned on September 17, 2003, several other high-ranking employees followed him.
An investigation report appeared in December.
On May 24, 2004, Eliot Spitzer , Attorney General of New York State , brought charges against Grasso, demanding repayment of a large part of the $ 140 million package. On October 19, 2006, the New York Supreme Court ruled that Grasso must repay. On July 1, 2008, the Court of Cassation rejected all claims against Grasso. The NYSE is no longer a non-profit, is not regulated by New York State, and there is no public interest in prosecuting it.
Private
Grasso lives in New York with his wife Lorraine and their four children.
items
- Ackman, Dan : Dick Grasso And The Company He Keeps , Forbes.com . May 7, 2003.
- Weiss, Gary : The $ 140,000,000 Man , BusinessWeek . September 15, 2003.
- White, Ben : NYSE Ousts Grasso as Chairman: Size of Pay Package Drew Wide Criticism , The Washington Post . September 18, 2003, p. A01.
- James Surowiecki : The Wisdom of Crowds : Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations . Doubleday , 2004, ISBN 0-385-50386-5 .
- Karl Albrecht: Social Intelligence: The New Science of Success, Economies, Societies and Nations . Pfeiffer Publishing , 2005, ISBN 0-7879-7938-4 .
- Gasparino, Charles (2007). King of the Club: Richard Grasso and the Survival of the New York Stock Exchange . HarperCollins.
Web links
- Richard Grasso in nndb (English)
- Richard Grasso in theInternet Movie Database(English)
Individual evidence
- ^ Who's Who In Finance and Business - 2004-2005 , 34th edition 2004 (accessed May 27, 2009).
- ^ Thor Valdmanis: NYSE faces Thursday without Richard Grasso , USA Today . September 18, 2003. Retrieved June 16, 2006.
- ↑ International chief Georges Ugeux resigns from NYSE . In: marketwatch.com . September 29, 2003. Retrieved October 18, 2013.
- ^ Report to the NYSE on investigation relating to the compensation of Richard A. Grasso . Winston & Strawn LLP. December 15, 2003. Retrieved October 18, 2013.
- ^ Grasso Ordered to Return NYSE Pay , NPR.
| personal data | |
|---|---|
| SURNAME | Grasso, Richard |
| ALTERNATIVE NAMES | Grasso, Richard A .; Grasso, Dick |
| BRIEF DESCRIPTION | American Chairman of the New York Stock Exchange |
| DATE OF BIRTH | July 26, 1946 |
| PLACE OF BIRTH | New York City |