Opinari.net
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Tuesday, September 16, 2003
I'm not usually one to cry "foul" when a CEO-type receives a huge salary. I think many corporate officers are deserving of such compensation, as long as it is in line with the market, and doesn't affect profitability. However, this nonsense with the New York Stock Exchange and its CEO, Dick Grasso, is completely insane.
No one can justify, to me, a stipend of $140 million dollars paid to the overseer of a regulatory agency. The number is misleading, as the amount is intended to cover compensation deferred over an eight year period. Also, Mr. Grasso did refuse an additional $48 million in compensation over 4 years. But most view that refusal as nothing more than a PR move.
The outcry is justified in this case. This is as much a question of ethics as in exorbitant compensation. In the age of Enron, no executive should have his salary approved by four board members which he himself recommended to their posts. Instead of fighting public opinion on this matter, Mr. Grasso, and his colleagues on the NYSE board, should all resign, and allow some injection of integrity into a securities market that has long thirsted for it.Labels: Archives_2003
.: posted by
Dave
9:32 AM
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