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 
Show this thread
-
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
Show this thread
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
Show this thread -
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.
Show this thread -
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.
Show this thread
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.