Ole Jerkin Retires from NYSE

Apparently other members of the NYSE board are to go, too. According to a national UK paper, somebody expressed surprise that he was the first to go as he was the "least offensive" of the board members. Who knows if it was envy; he certainly criticised the unbelievable severance package that the outgoing head (chairman/CEO?) got, even though he wasn't particularly successful.

It seems JS has major business issues on his mind too, also to do with his dear (in all senses of the word) investment in that US car company...

DAS

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I was going to post a link to the story but I was having difficulty understanding the exact nature of the problem with Mr. Grasso's compensation package.

He negotiated a package that many feel is excessive but I do not understand why what many feel about someone's compensation is relevant.

As I see it he made a deal fair and square and it was unfair to run him out of the company just for negotiating a package that, as has been noted, seems to cause great envy. $140 million is not that much in the financial big leagues.

I am not an expert on the ownership of the New York Stock Exchange or its profitability so if someone else can explain exactly why his compensation was such a scandal I would be very happy to be educated. It did not seem to be discussed in the few stories I read.

USD 140m would stick in the craw of any European manager who works in the 'real' economy, and Juergen Schrempp does.

Maybe he was also appalled that Mr Grasso is in an environment where he could negotiate such a huge package.

I don't think Mr Grasso covered himself in glory, did he?

DAS

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