Grasso yearns to be boss one more time

NEW YORK: Former NYSE chairman Richard Grasso said he wants to run a company after the upcoming trial over his controversial $187.5m pay package ends. Mr Grasso, who ran the world’s largest equity exchange for eight years, was forced out in ’03 following outcry over his compensation. He was sued by New York attorney general Eliot Spitzer in ’04, who charged the package was excessive and violated state law. While he has put his life on hold until he gets through the trial, he wants to get back into business and end his career on a positive note as head of a for-profit company.

“I have to run something one more time,” he told reporters. “It’s got to be with people I like, and a product or business or service that I know something about and can lend some expertise to.” But first, he is preparing for his day in court. Last month, New York State Supreme Court justice Charles Ramos said he would rule on whether Mr Grasso’s compensation was unreasonable from the bench, without a jury. A trial date has been set for October 16.

Mr Grasso appealed that ruling, seeking trial by jury. A final decision from the state’s appellate division is expected soon. In April, Mr Ramos urged the parties to strike a settlement. But Mr Grasso said he will only settle the case if the NYSE pays additional funds he says are owed to him, including $60m of the $187.5m. He has said that he would donate any additional money received from the NYSE to charity.

“I would be willing to talk about settlement in the context of what is owed to me being directed to the charities of my choice,” Mr Grasso said, though he observed that the NYSE and Mr Spitzer had shown no interest in following this path.

Mr Grasso insists that the board, comprised of financial and public executives, paid him what they thought he was worth.“When you start where I started at 81 bucks a week as a union member, the only thing you ever say about your compensation is ‘thank you’”.

But he conceded some things could have been done differently. He thought the NYSE board, at the time of the public outcry, should have defended his salary.