Mark it down, July 1, 2008. A banner day for Capitalism in America.
I am just about finished with the book
King of the Club. And all of a sudden, news comes out today that the case against Dick
Grasso and his $187 Million compensation package
is all but dropped. After reading how hard Mr.
Grasso worked to get the stock exchange back up and running 1 week after 9/11, after reading how people were trying to steal money that HE EARNED, after reading about how he wisely tried to protect what he had coming to him, it looks like his "excessive" compensation package will wind up where it belongs; in his pockets.
ATTABOY DICK!!!!
This was his money, he earned it. The misfortune for Mr. Grasso was that his lofty compensation package came at a time when corporate greed made headlines and unfortunately his cash out was lumped in with the Enrons and WorldComs of the world. But there is a huge difference here - those men STOLE their fortunes and Dick Grasso earned his. Even if you think the compensation committee for the NYSE was overly generous in determining Mr. Grasso's salary, the bottom line is a contract is a contract.
And let's face it, aren't we the same society that gets bent out of shape of what are athletes make? Are we the ones who say, "It's a shame an athlete makes so much money, but so and so who uses his brain for a living makes next to nothing?"
What country is this again??? Oh yeah that's right, AMERICA!!! If one's job is to oversee the world's premier financial infrastructure, where shares of the biggest and wealthiest companies are traded, wouldn't one expect to be paid handsomely? In America? My head is nodding so much it is about to fall off.
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