Former Stock-Exchange Chief Must Return Pay
October 20, 2006 | Read Time: 1 minute
A New York judge has ordered Richard Grasso, former chairman and chief executive officer of the New York Stock Exchange, to repay $100-million in excessive compensation, reports The New York Times.
Mr. Grasso received $187.5-million in a retirement package in 2003, and argued that the board of the nonprofit exchange was fully aware of the compensation. The judge, Charles Ramos, ruled that Mr. Grasso did not fully disclose the amount of the package.
Eliot Spitzer, the New York attorney general, said the returned money will pay for a program to educate investors about the stock exchange.
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