The decision by the New York Stock Exchange to oust Dick Grasso is a shameful one, in my opinion. Keep in mind that most of the pay packed was deferred compensation, as Grasso for years had not accepted all of his pay. In other words, the NYSE was paying Grasso back for money he basically had lent the exchange.
Instead of being lauded for deferring consumption, Grasso is being treated as a criminal by a press that cannot recognize the difference between salary and deferred compensation. Also, keep in mind that the main drum beating came from the large institutional funds that represent government employees. They kept saying that Grasso’s compensation would somehow destroy investor confidence in the markets, which is sheer nonsense.
