Richard Grasso

Richard A. "Dick" Grasso ( born July 26, 1946 in New York City ) was the chairman and CEO of the New York Stock Exchange from 1995 to 2003.

Life

Grasso was raised by his mother and two aunts in Jackson Heights, a neighborhood in Queens. His father had left the family. Richard graduated from the Newtown High School and studied for two years at Pace University before he enlisted in the United States Army. In 1968 he left the army and was two weeks it easier staff at the New York Stock Exchange. He quickly made a career and eventually became president and then CEO. As such, he strengthened the position of the New York Stock Exchange as the main trading center for securities in the United States.

Criticism

On August 27, 2003, it was known that Grasso had received a care package worth nearly $ 140 million. Prepared thing was that mainly responsible for pensions committee consisted of representatives from companies that were listed on the NYSE and had to carry on the Grasso supervision.

After also Grasso's predecessor, William H. Donaldson criticized as Chairman of the United States Securities and Exchange Commission the agreement, the supervisory board of the Stock Exchange with 13:7, Grasso decided to ask to resign. As Grasso resigned on 17 September 2003, a number of other senior staff followed him.

In December, a study report appeared.

On 24 May 2004 Eliot Spitzer rose, Attorney General of the State of New York, charges against Grasso and demanded repayment of a large part of the $ 140 million package. On 19 October 2006, the New York Supreme Court ruled that Grasso must repay. On 1 July 2008 the Court of Cassation dismissed all claims against Grasso. The NYSE is no longer a non-profit operation, not subject to the supervision of the State of New York and a law enforcement there is no public interest.

Private

Grasso lives with his wife Lorraine and the four common children in New York.