Who APPROVED Grasso's comp package in the FIRST place?

[BiggJawn]

A lot of vitriol being expended on Grasso for being a greedy schmuck and agreeing to pocket 140 Megabucks for running the NYSE, but the question that burns in MY brain is:

Who approved that payment scale in the FIRST place?

C'mon, I find it hard to believe that Grasso writes his own paychecks. SOMEBODY had to have a meeting where someone said "I think we ought to pay Grasso oh, say, 140 million a year" and then somebody else had to agree with that.

Who are these people and why are their heads not rolling?

[DoYouEverWonder]

1. Madeleine Albright was at the meeting.

was asked that question last night and refused to say how she herself voted or how other members of the board voted. She did acknowledge that she was at the meeting where this was discussed and voted upon.

So yes this outrage was voted on at a SE board meeting. Shouldn't the minutes of that meeting be public record? That would at least give us a list of who else was there. Also, how many yay/nay votes were caste. If they approved unanimously, then there would be no question has to how individuals voted?

[KoKo]

3. I think she just got on the Board....so wouldn't have been responsible for

all of his Perks in the past.

[KoKo]

2. Here's the Board for 99-01: They would have approved some of it.

Board of Directors
January 1999 – July 2000 1
Frank G. Zarb, Chairman Chairman/CEO
NASD
Herbert M. Allison President and Chief Operating Officer
Merrill Lynch & Co., Inc.
M. LaRae Bakerink First Vice President and Chief Compliance Officer
Pacific American International, LLC
Frank E. Baxter Chairman and Chief Executive Officer
Jefferies Group, Inc.
Alfred R. Berkeley, III President
The Nasdaq Stock Market, Inc.
Michael W. Brown Retired Chief Financial Officer
Microsoft Corporation
Jon S. Corzine Chairman and Co-CEO
Goldman, Sachs & Co.
Eugene M. Isenberg Chairman and CEO
Nabors Industries, Inc.
John D. Markese President
American Association of Individual Investors
James F. Rothenberg President
Capital Research & Management Company
Arvind Sodhani Vice President and Treasurer
Intel Corporation