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The aftermath of excess.
The following editorial appeared in the Chicago Tribune on Sunday, May 30.
___
New York State Attorney General Eliot Spitzer's lawsuit against former New York Stock Exchange Chairman and CEO Richard Grasso charges that Grasso's nearly $140 million compensation package in 2003 was "excessive."
It's hard to argue that point. Even the NYSE board members who approved the executive honeypot have since backpedaled furiously from it. The total included deferred compensation and accumulated pension benefits, but it was still an awful lot of money for the chief of a nonprofit entity like the Big Board.
But that's all history in the era of wretched excess. Grasso was forced to resign after the furor broke last summer over his pay. The NYSE now has a new chairman, a new CEO and a smaller, more independent and presumably more attentive board intent on separating regulatory functions from the operations of the trading floor. It's also working to untangle the inherent conflicts of interest that arose because the very board members who determined Grasso's pay were also top executives of the Wall Street brokers and investment banks regulated by the NYSE.
Shining a spotlight onto that chummy club and the excess it produced turned out to be the best enforcer against any repeat of that excess. Spitzer now is mopping up after the fact. He brought this civil suit under a New York law governing not-for-profit organizations, which requires that executive compensation be "reasonable."
Oddly, though, Spitzer isn't going after most of the ...
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