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A New York State appeals court has ordered claims of excessive pay leveled at former NYSE chairman Richard Grasso to be dismissed. Grasso rose to infamy in 2003 when it was reported that he had been granted a deferred compensation package of $140 million. The SEC criticized the deal, Grasso was asked to leave, Eliot Spitzer sued, and much publicity was had by all.

The court ordered the claims dismissed on the grounds that the attorney general's office no longer had the authority to pursue the claims because the NYSE restructured itself as a for-profit corporation in 2005.

As egregious as Grasso's pay was, this is not a matter that should have ended up in court. It's a corporate governance issue. If the board is inept and captured enough to throw money down the toilet, it's up to the people they represent to revolt. True: Grasso probably exerted undue influence over the board but ultimately the directors are responsible for maintaining their independence.

If regulators want to improve executive compensation practices, they should do it by making it easier for shareholders to hold directors accountable -- no wasting taxpayer money necessary! Gary Weiss chimed in that "it struck me and many others as an odd use of public resources to pursue a case on behalf of the millionaire seatholders of the NYSE.

New York Court lets Dick Grasso off the hook originally appeared on BloggingStocks on Tue, 01 Jul 2008 17:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>GrassoNew York Stock ExchangeNewYorkStockExchangeTue, 01 Jul 2008 17:44:00 EST<![CDATA[Top ten business stories for the week ending Oct. 20, 2006]]>http://www.bloggingstocks.com/2006/10/20/top-ten-business-stories-for-the-week-ending-oct-20-2006/http://www.bloggingstocks.com/2006/10/20/top-ten-business-stories-for-the-week-ending-oct-20-2006/http://www.bloggingstocks.com/2006/10/20/top-ten-business-stories-for-the-week-ending-oct-20-2006/#commentsFiled under: , , ,

10) Hewlett-Packard Company (NYSE:HPQ) has overtaken Dell Inc. (NASDAQ:DELL) to become the world's largest seller of personal computers: According to a survey by market research firm Gartner, HP had 16.3% of the global market in the third quarter of 2006, compared with rival Dell's 16.1%. In the three months ending September 2006, HP shipped 9.65 million units, while Dell shipped only 9.54 million.

9) Richard Grasso, the former chairman of the New York Stock Exchange (NYSE), has been ordered to repay millions of dollars to his ex-employers: Mr. Grasso has been fighting to keep hold of a $187 million severance package that he accrued while leading the exchange. A New York judge ruled that Mr. Grasso must return about $80 million in pension fund payments and interest on loans. Mr. Grasso said the ruling was "riddled with errors" and that he would appeal.

8) As the world seeks alternatives to oil as a source of energy, uranium has been on a tear, scoring a gain of around 700% in six years as interest in nuclear power has revived. Uranium has been one of the best-performing commodities in this bull market. Spot prices are trading at around $56 a pound, an eight-fold increase from as low as $7 back in 2000.

7) Daimler Chrysler said that it expects shipments to fall by 90,000 vehicles in the third quarter and by an additional 45,000 in the fourth quarter: DaimlerChrysler AG's Chrysler Group will tap executives from its German parent's Mercedes division to study restructuring moves, including the potential closure of an auto assembly plant. The initiative aims to cut $1,000 in costs from each of the vehicles Chrysler produces.

6) OPEC agreed on Friday to curb its output by 1.2 million barrels per day: This is the first cut for more than two years -- to halt a significant fall in prices. The reduction, amounting to 4.3% of OPEC's September production, was deeper than anticipated and the biggest since January 2002. The psychological market effect of this announcement should send oil prices back above $60 per barrel.

Continue reading Top ten business stories for the week ending Oct. 20, 2006

Top ten business stories for the week ending Oct. 20, 2006 originally appeared on BloggingStocks on Fri, 20 Oct 2006 15:57:00 EST. Please see our terms for use of feeds.

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