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CNN Live At Daybreak
NYSE Floor Traders Moving to Oust Chairman Grasso
Aired September 12, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now, though, for some business buzz. The debate over the pay package given to the chairman of the New York Stock Exchange is still raging, and now some traders are taking it to the next level.
Joya Dass -- Joya Dass live at the Nasdaq market site.
And what level are we talking about?
JOYA DASS, CNN FINANCIAL NEWS CORRESPONDENT: Well, I guess the next level is an ouster of long-time chairman Dick Grasso. At least that's what "The Wall Street Journal" is reporting this morning that these traders, who actually have seats on the exchange floor, are the ones that are the impetus behind this particular move. They are unhappy about Grasso's pay package. It's $140 million after everything is said and done. And what these traders are trying to do right now is get 100 signatures from nearly 1,400 New York Stock Exchange seat holders. And what this is going to -- what this is going to do is actually allow them to have a special meeting and discuss the removal of Grasso.
Now Grasso and -- has said that he is going to give up $48 million voluntarily of this particular compensation package and he has no intentions of resigning. He is not actually slated to retire until the year 2007. And the last time that an exchange chairman was actually asked to step down wasn't -- I think it was believed in 1976 and that was because of pressure from the actual board of the New York Stock Exchange. So this is a story I'm sure that we're probably going to hear more about in the coming days.
COSTELLO: I think you're right about that. Joya Dass, live from the Nasdaq market site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired September 12, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now, though, for some business buzz. The debate over the pay package given to the chairman of the New York Stock Exchange is still raging, and now some traders are taking it to the next level.
Joya Dass -- Joya Dass live at the Nasdaq market site.
And what level are we talking about?
JOYA DASS, CNN FINANCIAL NEWS CORRESPONDENT: Well, I guess the next level is an ouster of long-time chairman Dick Grasso. At least that's what "The Wall Street Journal" is reporting this morning that these traders, who actually have seats on the exchange floor, are the ones that are the impetus behind this particular move. They are unhappy about Grasso's pay package. It's $140 million after everything is said and done. And what these traders are trying to do right now is get 100 signatures from nearly 1,400 New York Stock Exchange seat holders. And what this is going to -- what this is going to do is actually allow them to have a special meeting and discuss the removal of Grasso.
Now Grasso and -- has said that he is going to give up $48 million voluntarily of this particular compensation package and he has no intentions of resigning. He is not actually slated to retire until the year 2007. And the last time that an exchange chairman was actually asked to step down wasn't -- I think it was believed in 1976 and that was because of pressure from the actual board of the New York Stock Exchange. So this is a story I'm sure that we're probably going to hear more about in the coming days.
COSTELLO: I think you're right about that. Joya Dass, live from the Nasdaq market site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
