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Did NYSE jet become 'Air Grasso'?
Report says former stock exchange chairman used corporate plane to fly around family, friends.
March 16, 2005: 8:00 AM EST

NEW YORK (CNN/Money) - Former New York Stock Exchange Chairman Dick Grasso may have confused the Big Board's corporate jet for his own private plane as he freely flew around family members on vacations, according to a report published Wednesday.

The New York Post said Grasso used the exchange's leased-time airplane not only for official business but also to transport his own coterie of acquaintances to places such as Florida for winter getaways.

He even ordered hundreds of dollars in catering during flights, the report said, citing court papers.

The Post said Grasso's alleged use of the NYSE jet for personal reasons came up when New York Attorney General Eliot Spitzer asked Grasso to turn over his tax returns for the years 1995 through 2003.

When Grasso refused, New York State Supreme Court Judge Charles Ramos ordered Grasso to hand them over, the report said, adding that a hearing on the matter is scheduled for April.

Among his other "infractions," according to court papers, is the $5,000 the NYSE paid to fly Grasso's son to Zurich, Switzerland for the weekend.

The newspaper said Grasso allegedly never reimbursed the exchange for his son's trip or for any of the other family trips aboard the corporate jet.

According to the Post, Grasso's other excursions on "Air Grasso" included an eight-day trip to Miami for family and friends, valued as an $11,000 perk; a Valentine's Day-week flight to Miami that set the board back $11,700 plus $456 for catering; and a spring fling, again to Miami with family, that cost the NYSE $7,700.

The newspaper said Grasso's lawyer did not return calls for comment.  Top of page

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