CNN/Money  
Markets & Stocks
graphic
Grasso wants an apology
Former NYSE chairman to board: Say sorry and I might give back $48 million.
May 10, 2004: 4:42 PM EDT

NEW YORK (CNN/Money) - Former New York Stock Exchange Chairman Richard Grasso said he may contemplate giving back $48 million in deferred pay if he gets an apology from the NYSE board for "destroying my reputation," according to an interview with Newsweek magazine.

In his first public comments since he was ousted by the board last year, Grasso said he nevertheless does plan to keep the entire $139.5 million he was paid in salary and compensation unless the board says they're sorry.

YOUR E-MAIL ALERTS
Justice and Rights
Eliot L. Spitzer
Financial Markets

"If I give back a dime, that's an admission of guilt. I can't do that," the magazine quoted Grasso as saying. "But if they say I'm an honorable man and I did nothing wrong, it's the end of the issue. If not, let's go to war."

Grasso's comments come amid growing speculation that New York Attorney General Eliot Spitzer could soon file a lawsuit against Grasso, seeking to get back some of what has been widely viewed as an exorbitant pay package.

After ousting Grasso, the Exchange demanded nearly $120 million back from him, according to the magazine.

Additionally, the article reveals that the New York Attorney General has new evidence that Grasso may have shared sensitive information about Spitzer's 2002 research investigation with NYSE-member firms that Grasso had regulated.

Spitzer has said he'd settle if Grasso returns $50 million, according to the magazine.  Top of page




  More on MARKETS
Stocks: 4 things to know before the open
Oil prices crash below $70
Meet CNNMoney's Tech 30 stock index
  TODAY'S TOP STORIES
Black Friday is in full swing
Black Friday offers: Deal or no deal?
Walmart workers vow big protests




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.