Grasso Refuses to Give Back Any of His Pay
Richard Grasso, the former chairman of the New York Stock Exchange, rejected the Big Board’s demand that he return at least $120 million of his pay package, his lawyer said. And he may file suit to retrieve an additional $50 million.
The comments were Grasso’s first response since his September ouster from the world’s largest stock exchange. Current exchange officials have called for him to return part of what they say is his excessive pay.
“Mr. Grasso has no intention of returning any portion of his compensation to the exchange,” his lawyer, Brendan Sullivan Jr., wrote in a letter to John Reed, the exchange’s interim chairman.
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