Dick Grasso

Grasso wins! Former NYSE chief can keep money

Jim Kim — Wed, 02 Jul 2008 07:54:47 -0400

Dick Grasso's career seemed to be ending on a very sour note: the State of New York was making him something of a poster boy for his gargantuan pay over the years. In an ugly battle, then-New York Attorney General Eliot Spitzer went after Grasso for the $139.5 million he was paid. Along the way, there were hardly flattering portrayals of Grasso, who came across as embittered. But a judge has dropped the few remaining charges against him. So Grasso gets to keep the money after all, which he vowed to do all along. Andrew Cuomo, Spitzer's successor, said he will not pursue the issue.

For more:
- here's the New York Times article

Grasso finally vanquishes Spitzer

Jim Kim — Wed, 25 Jun 2008 21:11:56 -0400

Truth be told, former NYSE chairman Dick Grasso's battle against former New York State Attorney General Eliot Spitzer was looking better, even before Spitzer imploded amid revelations that he used an escort service. This week, yet another nail was driven into Spitzer's public-life coffin: The New York State Court of Appeals agreed with a lower court ruling that chucked four of six counts brought by Spitzer against Grasso that would have forced the latter to pay back $187.5 million of compensation he amassed during his time at the Big Board. As of now, the New York Times reports, a ruling that Grasso breached his duties and must pay back $100 million still stands. Regardless, this has to count as a big, satisfying win for Grasso, whose enmity toward Spitzer is well known. You now have to wonder if Andrew Cuomo will seek a settlement to end the saga once and for all.

For more:
- here's the New York Times article

Wall Street can't knock Grasso out

Jim Kim — Tue, 03 Jun 2008 07:17:11 -0400

This seems like it happened a long time ago: Former NYSE chief Dick Grasso was locked in a do-or-die struggle with then state Attorney General Eliot Spitzer over his eye-catching take of $185 million. The New York Times points out that Grasso may have put some kind of curse on his adversaries. Just look at what has happened to Spitzer--a humiliating story to say the least. And then there's Jimmy Cayne and Stanley O'Neal, both whom were on the board that approved much of Grasso's pay and witnessed his fall from grace. The Times says Grasso, who faces a court date this week, has a "a growing chance that he may keep the vast portion of his payout."

For more:
- here's the article

Grasso to pay back tens of millions

Thu, 19 Oct 2006 20:01:37 -0400

The verdict couldn't have been worse for Dick Grasso. In acts termed "shocking" by the judge, the former chief of the Big Board effectively stymied the board's abilities to monitor his pay and benefits. This is according to a 72-page decision rendered by Justice Charles Ramos of the New York State Supreme Court. The ruling does not require the payback of the $140 million in disputed pat. But it bolsters the efforts of Eliot Spitzer, in the on-going legal battle. Spitzer promptly issued a notice that Grasso must now surrender $80 million. The ruling is a blow to Grasso's contention that the board of the NYSE knew all along what kind of money he was being paid. So score a win for Spitzer, though the final word has yet to be written.

For more on this:
- Here's an AP article

Will trader name names in trial?

Wed, 11 Oct 2006 20:01:38 -0400

The buzz is that Dan Finnerty, the next in a line of Big Board specialists to go on trial, may point some fingers if called to testify. That's mere talk at this point. He may not need extraordinary tactics; so far, half the defendants to stand trial have been found not guilty. But such a move would certainly enliven a string of trials that have proven prosaic. The question is whether top executives at specialist firms and the New York Stock Exchange tacitly condoned front-running tactics, as a way to pump up volume. Finnerty's lawyer has taken a look at NYSE policy and whether then-Chairman Dick Grasso's compensation was at least partly linked to trading volume.

For more on the trial:
- Here's an article from the New York Post

SPOTLIGHT: Spitzer vs. Grasso--Again

Thu, 14 Sep 2006 20:01:32 -0400

The soap opera continues. These guys are still going at each other. The latest flare-up: Eliot Spitzer has called Dick Grasso's attempt to switch judges "deceitful, disingenuous and dishonest." Let's get to the trial already. Article

Grasso becomes a Spitzer campaign issue

Tue, 29 Aug 2006 20:01:39 -0400

Eliot Spitzer has somehow managed to keep his high-profile battle with Dick Grasso from becoming a campaign issue. Until now. According to the New York Post, it all started when his opponent for governor said that Spitzer's suit against Grasso was intended to inflame voter passions by trying to make a point about grandstanding. Spitzer was not about to let that go: He responded that Faso is on the side of "those who have attempted to manipulate the New York Stock Exchange for personal profit, rather than to protect its integrity and fairness..." For many people, this is getting old. The trial can't come soon enough.

For more on the dust-up:
- Here's the Post article

Grasso presses for jury trial

Tue, 15 Aug 2006 20:01:39 -0400

Former New York Stock Exchange head Dick Grasso would rather take his chances with a jury. The judge certainly hasn't struck him as sympathetic to his cause as he and his lawyers must be aware of the case of Adelphi University President Peter Diamandopoulos. The same judge Ramos oversaw the pre-trial hearings in that case, which eventually led to Diamandopoulos handing back some pay. This has been going on for so long that some may roll their eyes. It will be interesting to see how it finally ends.

> Read the New York Post article

Grasso, Langone trial moved up to Sept.

Wed, 26 Jul 2006 20:01:39 -0400

New York Supreme Court Judge Charles Ramos apparently wants it all to end. He has moved up the trial that pits New York Attorney Eliot Spitzer against Dick Grasso and Ken Langone up to September 5, six weeks earlier than previously scheduled. The move came as the judge denied Langone's attempts to throw out his part of the suit. This battle about Grasso's compensation has been bitter and drawn out. It will be nice to get it all over with.

> Here's the New York Post article.

Grasso enters private equity business

Sun, 09 Jul 2006 20:01:39 -0400

And so the comeback of Dick Grasso commences. The New York Post reports the ex-chief of the NYSE has begun working for a private equity firm headed by former PaineWebber President Joe Grano--one move to mend some fences. Another move in that direction: No less than Henry Paulson received a congratulatory call from Grasso the day after Paulson was nominated as Treasury Secretary. They reportedly talked for about five minutes.

> Here's the article.