Dow Breaks 12,000 as Former NYSE Chairman has a Down Day
Former New York Stock Exchange Chairman Richard Grasso is also experiencing a decline. Reuters reports that New York Supreme Court Judge Charles Ramos wrote a 72-page decision concerning certain payments and interest Grasso received while at the NYSE. Reuters reports that Grasso must return some $100 million paid to him.
Some $80 million was in pension funds, according to New York Attorney General Eliot Spitzer spokesman, Darren Dopp, speaking with Reuters. Grasso must also pay interest on an improper $36 million interest-free loan given him by NYSE under a retirement plan. Judge Ramos wants an accounting showing what part of $58 million paid under another retirement plan was properly earned.
“Today, Justice Ramos somehow rejected the testimony of dozens of directors that they approved every dime they paid me, and decided that these men and women did not know what they were doing" Grasso said.
“Justice Ramos recently wrote that he takes comfort from the fact that the Appellate Division will review his rulings. So do I. I have instructed my attorneys to seek review from the appellate court, and look forward to the jury trial that the State Constitution promised me.”
New York Attorney General Eliot Spitzer first sued Grasso in 2004. The decision in that suit ordered Grasso to return a portion of the $187.5 million in his salary, bonuses and retirement compensation, labeled unreasonable under New York state law by Spitzer.