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CNN Live At Daybreak
Four Pension Funds Ask NYSE Chairman to Resign
Aired September 17, 2003 - 06:45 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 again for some business buzz. In the midst of the scandals in the financial world, the big boss of the New York Stock Exchange is being asked to step down.
Let's get more on this from the Nasdaq market site in New York.
Carrie, tell us.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: OK, Carol. We're talking about managers at four of the largest pension funds in America asking NYSE Chairman Richard Grasso to step down from his post. And they are also asking the board of directors at the New York Stock Exchange to cut his $140 million pay package.
Now Treasury officials from New York, North Carolina and California say that Grasso has lost his ability to create reforms at the exchange. They feel Grasso doesn't seem to be cracking down hard enough while the exchange is rattled by corporate scandal.
Now all of this follows the announcement last month that the NYSE had renewed Grasso's contract for two more years and then they disclosed that his pay package was to be $140 million to cover retirement and incentive benefits for his 36 years at the NYSE.
Now Grasso, through a spokesperson, reiterated that he intends to serve out this contract, again, ending in 2007. Meanwhile, traders are scheduled to meet with the NYSE board tomorrow to discuss the matter.
Just some food for thought, Carol. Some estimates here that $140 million, it would take an average American 5,200 years working a 40- hour work week to receive that kind of money. So it puts things in perspective a little bit.
COSTELLO: Ain't going to happen for me then. Thank you, Carrie Lee.
LEE: OK.
COSTELLO: It's Carrie Lee reporting live from New York this morning.
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 17, 2003 - 06:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time again for some business buzz. In the midst of the scandals in the financial world, the big boss of the New York Stock Exchange is being asked to step down.
Let's get more on this from the Nasdaq market site in New York.
Carrie, tell us.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: OK, Carol. We're talking about managers at four of the largest pension funds in America asking NYSE Chairman Richard Grasso to step down from his post. And they are also asking the board of directors at the New York Stock Exchange to cut his $140 million pay package.
Now Treasury officials from New York, North Carolina and California say that Grasso has lost his ability to create reforms at the exchange. They feel Grasso doesn't seem to be cracking down hard enough while the exchange is rattled by corporate scandal.
Now all of this follows the announcement last month that the NYSE had renewed Grasso's contract for two more years and then they disclosed that his pay package was to be $140 million to cover retirement and incentive benefits for his 36 years at the NYSE.
Now Grasso, through a spokesperson, reiterated that he intends to serve out this contract, again, ending in 2007. Meanwhile, traders are scheduled to meet with the NYSE board tomorrow to discuss the matter.
Just some food for thought, Carol. Some estimates here that $140 million, it would take an average American 5,200 years working a 40- hour work week to receive that kind of money. So it puts things in perspective a little bit.
COSTELLO: Ain't going to happen for me then. Thank you, Carrie Lee.
LEE: OK.
COSTELLO: It's Carrie Lee reporting live from New York this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
