How rich is Richard Grasso?
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Richard A. Following the September 11, 2001 terrorist attacks, Grasso became the public face of the Exchange and was commended for his part in aiding restart operations. He afterwards became embroiled in controversies and lawsuits about his supposedly excessive pay package and $140 million golden parachute. The majority opinion said that because the NYSE was now a subsidiary company of a for profit multinational corporation the State of New York had no supervision over the affairs of the organization in this issue and that prosecution was “not in the public interest.” Present Attorney General Andrew Cuomo said he had no intent to appeal this decision any further and the case was essentially over. The court ruled that Grasso was entitled to the entirety of his damages. The court also dismissed Grasso’s measures from the NYSE as well as other parties as related to this issue. Within a SEC investigation Grasso invoked his fifth amendment rights against self incrimination in refusing to answer questions regarding his actions during an NYSE investigation into potentially improper actions by Exchange specialist companies. The specialist companies paid $242 million in settlements with all the SEC, as well as the NYSE itself was censured for failing to properly supervise the specialist companies.