BREAKING NEWS

Dick Grasso Wins Wall Street

Oct. 27 2008, Published 7:07 a.m. ET

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Great news! Dick Grasso, the Rudy Giuliani of the New York Stock Exchange, is free to receive his $187.5 million compensation package, after years of litigation. (Though this may go again to appeal!) See, the Exchange used to be a nonprofit, but in 2005 became a publicly traded company. So, even though Grasso stepped down back in 2003, the state no longer has any control over the now for-profit Exchange (says the court today) and can't attempt to recoup any of Grasso's settlement cash. Isn't that neat! The big ol' package was awarded to Grasso from a committee largely composed of members of companies that traded on the Exchange. Hoorah, now he is going to buy some cars or people or something.

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