New York Sues Former Exchange Head Grasso The state of New York sues former New York Stock Exchange chair Richard Grasso and a former board member over the legality of Grasso's $187.5 million pay package. State Attorney General Eliot Spitzer, who filed the suit, called the arrangement "inappropriate and illegal." Grasso stepped down last September after his compensation caused an outcry. NPR's Jim Zarroli reports.
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New York Sues Former Exchange Head Grasso

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New York Sues Former Exchange Head Grasso

New York Sues Former Exchange Head Grasso

New York Sues Former Exchange Head Grasso

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  • <iframe src="https://www.npr.org/player/embed/1908325/1908326" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

New York Attorney General Eliot Spitzer sues former New York Stock Exchange chairman Richard Grasso and former board member Kenneth Langone over the pay package Grasso received for leading the NYSE. Spitzer said Grasso's $187.5 million package was "wholly inappropriate and illegal." Grasso stepped down last September after his compensation became an issue for the NYSE.

Langone, ex-chairman of the exchange's compensation committee, defended Grasso's compensation, saying in a statement to NPR, "These were honest, diligent and sound compensation decisions that were thoroughly researched and, most importantly, supported by 100 percent of the board." NPR's Jim Zarroli reports.