Richard Grasso
Richard Grasso | |
---|---|
Born | Jackson Heights, New York, U.S. | July 26, 1946
Other names | Dick Grasso |
Occupations |
|
Years active | 1968-2003 |
Known for | Former chairman and CEO of the CEO – New York Stock Exchange (1995-2003) |
Board member of |
|
Relatives | John Mateer (cousin) |
Richard A. "Dick" Grasso (born July 26, 1946[2] in Jackson Heights, Queens, New York) was chairman and chief executive of the New York Stock Exchange from 1995 to 2003. He started in 1968 when he was hired by the Exchange as a floor clerk.
He later became embroiled in controversies and lawsuits about his allegedly excessive pay package and $188.5 million
Early life and education
Grasso was raised by his mother and two aunts in
Career
This section of a poorly sourced must be removed immediately from the article and its talk page, especially if potentially libelous. )Find sources: "Richard Grasso" – news · newspapers · books · scholar · JSTOR (June 2023) |
New York Stock Exchange
Two weeks after leaving the Army in 1968, Grasso became a clerk at the New York Stock Exchange. Grasso moved up in the ranks, becoming president of the exchange and then CEO in the early 1990s. As CEO, he was credited with cementing the NYSE's position as the preeminent U.S. stock market. Grasso also served as an advisory board member for Yale School of Management.
FARC visit
On June 26, 1999,
The article quoted Grasso as saying, "I invite members of the FARC to visit the New York Stock Exchange so that they can get to know the market personally". Some found the meeting inexplicable, considering the FARC supports anti-capitalist ideals and has no officially recognized financial clout. Grasso told reporters that he was bringing "a message of cooperation from U.S. financial services".[6]
NYSE compensation controversy
On August 27, 2003, it was revealed that Grasso had been given a deferred compensation pay package worth almost $140 million. This caused immediate controversy, as the hand-picked compensation committee consisted mainly of representatives from NYSE-listed companies over which Grasso had regulatory authority as its CEO.[7]
Following criticism of the deal from
Lawsuit
On May 24, 2004, Grasso was sued by
On May 26, 2004, Grasso responded with a counter-suit against the Exchange and its chairman
On October 19, 2006, it was reported that the
On July 1, 2008, the
During an SEC investigation Grasso invoked his Fifth Amendment right against self-incrimination in refusing to answer questions regarding his conduct during an NYSE investigation into possibly improper activities by Exchange specialist firms.[11] The specialist firms paid $242 million in settlements with the SEC, and the NYSE itself was censured for failing to properly supervise the specialist firms.[12]
The suit against Grasso came under criticism, with journalist
References
- ^ "Richard Grasso Biography | Booking Info for Speaking Engagements". www.allamericanspeakers.com. Retrieved 2023-05-24.
- ^ Who's Who In Finance and Business - 2004-2005 (34 ed.). 2004.
- ISBN 9780691133539. Retrieved 2019-05-15.
- ^ Thor Valdmanis (September 18, 2003). "NYSE faces Thursday without Richard Grasso". USA Today. Retrieved 2006-06-16.
- ^ Koppel, Andrea (2001-09-10). "U.S. to classify Colombian group as 'terrorist'". CNN. Retrieved 2012-01-02.
FARC and ELN were both designated as Foreign Terrorist Organizations by the secretary of state in October 1997.
- ^ "NYSE Chief Meets Top Colombia Rebel Leader". Reuters. 1999-06-26. Retrieved 2006-02-27.
- ISBN 978-0-674-91946-4. Retrieved 15 November 2019.
- ^ "International chief Georges Ugeux resigns from NYSE". marketwatch.com. September 2003.
- ^ "Report to the NYSE on investigation relating to the compensation of Richard A. Grasso". Winston & Strawn LLP. 15 December 2003.
- ^ "Grasso Ordered to Return NYSE Pay". NPR.
- ^ "Grasso Took the Fifth In SEC Trading Probe". Washington Post. March 17, 2006.
- ^ "SEC charges the New York Stock Exchange with failing to police specialists". SEC. 2005.
- BusinessWeek. Archived from the originalon September 9, 2003.
- White, Ben (September 18, 2003). "NYSE Ousts Grasso as Chairman: Size of Pay Package Drew Wide Criticism". The Washington Post. p. A01.[dead link]
- ISBN 0-385-50386-5.
- ISBN 0-7879-7938-4.
- Gasparino, Charles(2007). King of the Club: Richard Grasso and the Survival of the New York Stock Exchange. HarperCollins.