Market Chief Holds Firm in Storm Over Pay

Article Abstract:

New York Stock Exchange (NYSE) Chairman Richard A. Grasso continued to defend his right to his compensation package of almost $200 million. That amount was reduced when he agreed to concede $48 million after public outrage developed over the sum he was getting as a regulator of the securities industry. Public exposure of his salary and special financial rewards highlighted the extent to which NYSE board members protect financial service firm officials over the interests of investors. Grasso believed he earned the money which was guaranteed by his contractual agreement with the Big Board, but realized his position, power and influence would have been threatened if he had not relinquished part of the benefits.

Government expenditures, Personnel administration, Compensation and benefits, Economic policy, Beliefs, opinions and attitudes, Executives, Executive compensation, United States. Securities and Exchange Commission, Grasso, Richard, Donaldson, William H.

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Rumpled and Groggy, Wall Street Resumes Trading

Article Abstract:

Securities industry and New York Stock Exchange officials and employees resumed work on Friday, the day after the massive Northeast and Midwset power outage shut down everything from New York to Toronto.?Industry workers slept Thursday night wherever they could find a place in offices and on the NYSE trading floor.?The American Stock Exchange was not as fortunate as the NYSE and had to wait until 3:35 p.m. on?Friday for Con Ed to restart its electric power. Nasdaq, which does a weekly test of its back-up generators, operated smoothly and had no problem with Friday stock transactions.

Personal narratives, Economic aspects, New York, New York, Power failure, Power failures

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STOCK EXCHANGE IS SAID TO SELECT CHIEF EXECUTIVE

Article Abstract:

The New York Stock Exchange has decided to create two positions for chairman and chief executive officer. John A. Thain has been chosen as the new CEO. John A. Reed will remain chairman, having succeeded Richard Grasso who resigned over criticism of his compensation package. SEC chairman Willaim H. Donaldson advocated the split in executive responsibilities to avoid placing too much power in one corporate officer for the stock exchange.

Financial Services, Finance and Insurance, Financial services industry, Appointments, resignations and dismissals, Goldman Sachs and Co., Reed, John S., Thain, John A.

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