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Ex-NYSE chief can keep 100-million-dollar payout: court
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An appeals court Tuesday gave former New York Stock Exchange (NYSE) chief Richard Grasso a total victory Tuesday, dismissing all claims seeking reimbursement of a contested 100-million-dollar severance payout.
A mid-level appeals court in Albany, New York, said the state attorney general’s authority ended when the NYSE became a for-profit corporation in 2006, according to The New York Times.
Last month, another appeals court dismissed four of the six claims against Grasso, also ruling that state officials had no authority in the case that focused on hefty executive pay.
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Grasso resigned as the NYSE’s chairman in late 2003, but made headlines with the generous 187.5-million-dollar severance and compensation package he received upon departing.
State officials filed suit to obtain the return of 100 million dollars in pension payments and other benefits in the package, which was deemed excessive and a violation of the exchange’s non-profit status at the time.
Grasso repeatedly has insisted his compensation was legal, and filed suit against the NYSE, which he says still owes him another 50 million dollars.
| WATCH ALEX JONES’ ENDGAME ONLINE NOW in its entirety. View more High quality trailers at www.endgamethemovie.com |
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July 1st, 2008 at 9:05 pm
of course
July 1st, 2008 at 9:08 pm
I stay relaxed when reading about such gargantuan payoffs.
The more they have the more they need… Listen to Gene Pitney’s Mockingbird Hill, its about a guy that lives in a rusted old shack, and is happiest a’listenin’ to the birds, he ain’t got no money and he don’t want none.
One poor man who went under in the Enron scam was similarly a victim of wealth, he died with one hundred and ten million dollars of personal debt, his seven houses were unpaid for… one unauthorized transfer of funds was for a cool thirty three million dollars.
Gambling might have been a problem.
July 1st, 2008 at 9:44 pm
Noble sentiments Ozzie Tom, but the semi vagrant semi detached lifestyle comes down to earth when y’all gotta go to the toilet…
Millions living on Mockin’bird Hill means millions of pounds of raw sewage has to be disposed of on a regular basis… else its gonna be everywhere, on your shoes… then it’ll be gettin’ in yer hair, where will we all be then.
Millions are being turned out of their homes across America… where are they gonna go, this website encourages amateur journalism, there are amateur economists as well.
Blind Freddy could see the whole cheap loans thing was not only gonna go bust, but was designed to fail, and to leave the people who signed up at the mercy of the debtors system for the remainder of their lives, couple that with abortion and illegal immigration and legal immigration.
Indian people from the Sub Continent answer advertisements in New Dheli newspapers, then turn up at Memphis airport and are whisked into their new recently vacated home, into their recently vacated job some guy that was born in Montana was doing, and their caste system has replaced the American way.
July 1st, 2008 at 10:04 pm
So they thought 187 million dollar severance package was a “bit excessive” but 87 million is ok. They were only asking for 100 million of it back? And now Grasso wants another 50 million? That’s just insane.
Last I checked, you only are supposed to get severance payments if you are fired, not if you quit. If you quit your job, you are supposed to get NOTHING.
Grasso has no right to any severance package, as he stepped down. He did not get fired or forced to retire.
July 1st, 2008 at 10:07 pm
Tra – la la – tweedly ee dee – its peace and good will…
I’m with you Ozzie Tom, don’t take any notice of the Snake… he is just lifestyle envious, money is a burden …what are you gonna do with it when y’all die, how can anyone maintain seven houses they would send you broke!!
…standing in the twilight on Mockingbird Hill.
July 1st, 2008 at 10:26 pm
You only need about 1-2 million to retire – the interest is enough to support a modest/comfortable lifestyle. People that want hundreds of millions are obviously compensating for something.
July 2nd, 2008 at 2:20 am
Dan (6) watch the end of Endgame and you understand why. It’s the race for immortality which will be made possible due to the upcoming Singularity. It’s been the dream since the beginning of time and it is near.
July 2nd, 2008 at 5:05 am
Dylan said it best “steel a little they throw you in jail. Steel a lot , they make you a king!”
July 2nd, 2008 at 6:07 am
Let’s not forget who brought this to court in the first place….Elliot Spitzer. We wont know for certain…but it definitely seems like Elliot screwed to many wealthy people over and therefore they “brought him down.” I wonder if Grasso knew about this or had anything to do with it?
July 2nd, 2008 at 6:29 am
WHEW!! That was close! How could I live on 87 mil?
July 2nd, 2008 at 6:31 am
if you’ve been paying attention, there appears to be a race to literally carve up the world and award control of it to certain people.
there is also a race to amass as much money, (thus control, power and ownership) as possible and concentrate it in a few hands. Even more so and faster than ever before.
Done thru fascism, government+corporation partnerships and government granted monopolies.
He who owns the gold, rules.
I haven’t done this yet, however it would be fascinating to do research (and I mean really dig) to see who is *really* behind the government monopoly of the obnoxious mercury bulbs and who stands to profit tremendously when the edison bulb is verboten.
Ka-ching ka-ching
July 2nd, 2008 at 9:40 am
Agreed florfina. You hit the nail on the head.
One question though: what do you mean by, “government monopoly of the obnoxious mercury bulbs and who stands to profit tremendously when the edison bulb is verboten.” ?
The only mercury vapor lamps I know of are for industrial usage and public utility. Are they attempting to replace filament bulbs for home use with these nasty things? Where would one start looking?
Thanks and keep your head down.
July 2nd, 2008 at 10:11 am
All I can say is they better take a lot of that money and dig themselves a VERY DEEP HOLE to hide in!
Then, they should take more of their stolen dollars and build themselves a VERY ELABORATE alter to kneel before and pray to their satanic gods.
Because, BASTARDS LIKE ME, COMBAT TRAINED, WAR TEMPERED, BAD TEMPERED, AND JUST PLAIN MEAN ARE GOING TO HUNT THEM DOWN.
HOO-YAH!!!!!!!!!!!!!!!!!!!!!!!!!!
Also, listen to: http://www.theamericanvoice.com
July 2nd, 2008 at 10:27 am
florfina check out alex collier on youtube…
I KNEW IT!
ALIENS ARE BEHIND IT ALL!
July 2nd, 2008 at 12:05 pm
#12
rick says
thanks for questioning my mercury bulb statement. What I meant by that was those curly fluorescent ones (CFL) that contain mercury and emit a goulish light. Sorry about the confusion. I have a tendency to think others know what I’m talking about and cut corners. You’ve shown me that I need to be more articulate in conveying my thoughts.
That said, I know Australia, England (by 2011), U.S., Canada, Cuba, are on timetables to ban by law the incandescent bulb. Hugo Chavez is trying to kick them out of Venezuela, the European Union says they soon simply won’t be available .
Who has that kind of power on the earth?
Here in the U.S. they are phasing them out and you will no longer be able to buy or use them by 2014.. By law.
The phase-out of incandescent light is to begin with the 100-watt bulb in 2012 and end in 2014 with the 40-watt.
In the law, there is as of yet no provision for punishment if one continues to use up (or stockpiles before hand) the edison bulb, however, given time, I’m sure they will put it in.
There has to be someone pretty big behind the scenes (and not just a company) to command nations by law ban light bulbs and replace them with hazardous CFL’s that contain toxic mercury.
Hazmat suit anyone? (check the EPA site re: disposal and clean up)
Who stands to profit big time when nations must use these and there is no competition, no choice, hence a granted monopoly. In essence, a world monopoly of the developed and not so developed nations such as South America.
It’s not for the environment or the phony global warming goofiness.
I have heard that China (who else) has already greatly reduced and in some factories stopped manufacturing the incandescent bulb altogether already.
It’s similar to the freon ban that was put in place here and other developed countries. It wasn’t because it was destroying the ozone or whatever scare tactic they came up with for the masses.
Someone wanted it replaced with a less efficient product that they would make billions from with their government granted monopoly via banning and forbidding by law (with harsh penalties) their competition.
Another example, but not as good an example, is Tamiflu and Rumsfeld.
July 2nd, 2008 at 3:39 pm
The way some of those business men earn billions is just sickening. This is capitalism gone out of control. As people are working like slaves just to survive around the world (and some dont survive), other people are making hundreds of millions because they have the right connections and are working in very comfortable conditions.
Money is power and so this elite are becoming ‘all powerful gods’. Money can do anything in today’s world and so can good connections.
I bet they could pay to kidnap your entire family, corrupt the police to do nothing, then rape and torture them at their leisure, and still get away with it, nobody would ever know (witnesses would be eliminated). They could buy 1000 asian or russian girls to be their sex slaves. God knows what some of them do with all that money…
July 2nd, 2008 at 6:26 pm
Not only is the amount of money excessive but this a severance package. I mean the guy resigns his position and is supposed to get nearly 200 million dollars. I don’t care what anyone says no one is worth that kind of money and especially not for quitting.
July 3rd, 2008 at 12:15 am
“So…you work 3 jobs…uniquely American!!!” WTF Over??? The courts always have had the interest of wealth in their favor…with the exception of Leona Helmsly. So why is this fuck walking with his wallet??? I recommend “Right Wing Justice” by Hermann Schwartz for those of you interested in the judiciary!!! Also, it’s total buLLLshit when we’re fed WORK HARD to succeed!!! BULLLSHIT(3L’s count em’)!!! The reality is this… LAZY fuckers you work with WILL get promoted before the hard workers will!!! This fuckin’ country(I mean corporation) is full of this buLLLshit…from the military to the private sector!!! In the words of the almighty “BENDER”…”We’re boned!!!!!!!!!!!!!