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Shady Wealth of Richard Grasso - NYSE Chairman

One of the most famous scandals in the mutual fund field is associated with the name of the NYSE Director Dick Grasso. When it was revealed that he has received $139.5 million when he retired, people were just stunned. Their shock was furthered by the additional amount of $48 million, which Grasso was about to receive. The total amount of $187.5 million sounds outrageous in itself, but it is exacerbated by the comparison of Grasso's payment to that of his colleagues holding the same positions.

How has Grasso gained this big amount? There is no one up front answer to this question. Some of the defenders of Dick Grasso state that his work for NYSE for more than 36 years is a factor in itself for the accumulation of such a big amount. This argument is easily refuted by the fact that he has been a chairman of the company since 1995 and the drastic change in his account has been since 1999.

Dick Grasso's Wage

NYSE defended its chairman by arguing that Grasso's wage was similar to that of the executives from the field. NYSE even stated that Grasso's payment was less than some of that of executives, who are at the same position as him. Even though the NYSE is a not-for-profit organization, they have claimed that in comparison to the corporate world Grasso's compensation is absolutely in accordance with his service for the company.

Comparison

The most astonishing thing is that when we compare Dick Grasso's pay to that of other financial CEOs from the field his wage is surpassed only by that of David Komansky, who is the CEO of Merrill Lynch. Grasso has surprisingly made more even by Charles Schwab, whose financial successes are well known to all of us.

We will leave it up to you to decide whether there is something wrong with Grasso's wealth accumulation until the financial experts give their verdict.

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