Give Back $120M to the Exchange, Mr. Grasso !

Grasso Says He Won't Return $139.5 Million to Big Board
By LANDON THOMAS Jr.
NY Times
Published: February 27, 2004

Richard A. Grasso, the former chairman of the New York Stock Exchange, broke his months long silence by informing the Big Board that he would refuse to give up any portion of his controversial $139.5 million pay package and could ask for an additional $50 million.

In a blistering letter sent on Thursday to John S. Reed, the chairman of the exchange, Brendan V. Sullivan Jr., Mr. Grasso's lawyer, criticized Mr. Reed for saying publicly that Mr. Grasso should return large amounts of his pay. "Mr. Grasso has no intention of returning any portion of his compensation to the exchange," the letter said.

"If the exchange believes it has a valid claim, it should file it, rather than conducting a campaign through the press and intermediaries in an attempt to pressure Mr. Grasso." The letter came in response to a letter that Mr. Reed sent to Mr. Grasso on Feb. 12, where he asked that Mr. Grasso repay $120 million to the exchange.