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In 2003, a man with humble New York beginnings turned Wall Street executive was ousted from his role for making too much money.
This is the story of Richard Grasso 
Grasso was born in July 1946 and grew up in Jackson Heights, NY. After failing the eye exam to become a cop, Grasso joins the Army. In 1968, he gets an entry level job as a listings clerk on the floor of the NYSE.pic.twitter.com/bJQezNlMjh
Grasso has a chip on his shoulder from the day he walks on the exchange floor. His father left at a young age, and he was not a man of means. Over the next 30 years, Grasso rises through the NYSE ranks and becomes CEO of the exchange in 1995.pic.twitter.com/6AgOLUw3KR
As CEO, Grasso is credited with solidifying the NYSE as the dominant global stock exchange. He wins over listings from Nasdaq, bolsters the open outcry trading floor, and invites CNBC to televise from the floor, where they remain to this day.
When 9/11 hits, Grasso is quick to respond. He reopens the trading floor less than a week after the attacks and is hailed as a hero. Then in 2003, everything changes.pic.twitter.com/AaGJU1zZ2X
In ’03, it’s revealed that Grasso received a pay package worth a staggering $188 million. At the time, the NYSE is still a non-profit organization, causing public outrage. Grasso is forced to step down as CEO after the board asks him to leave in a 13-7 vote.
Later, NY Attorney General Elliot Spitzer sues to try and recoup the money, beginning a long, public legal battle with Grasso.pic.twitter.com/i9WSTdy6TP
By the time the lawsuit is over, the NYSE is now a public company, making it harder to argue excessive compensation is under NY State’s purview. Grasso wins the case and is allowed to keep his money.
AFTERMATH: 1) Grasso is succeeded by John Thain, a former Goldman banker, who begins to prepare the NYSE for future sale. 2) Grasso vows a comeback – “I have the best Rolodex in corporate America”. 3) Elliot Spitzer becomes governor of NY, and Andrew Cuomo succeeds him as AG.
Have you read King of the Club? Great book.
Its on my shelf, havent finished it yet. A bit rough around the edges but agreed, great story!
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