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Sep 15, 2003

New York Shlock Exchange

So, this guy in charge of managing and regulating the Stock Exchange, Richard Grasso, is being paid $140 million a year by the people who he's supposed to be keeping in line (while the exchange itself only earns $28 million), and Bill Donaldson, the guy in charge of the SEC ( who "only" makes $140,000), is supposed to be keeping an eye on the Exchange, but he used to have Grasso's job (except that, when he had it, he "only" made $1.5 million a year), and Donaldson had no idea that Grasso was making what he was making, and then it comes out that Grasso also received a one-time payout of $140 million in August from the Exchange for "other benefits" he had been accruing, but nobody thinks this guy Grasso is going to face any consequences. O.K., I think I get it now.

grasso.jpg


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