THE TRIALS OF ELIOT SPITZER.

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  • Additional Information
    • Subject Terms:
      NEW York (State); UNITED States
    • Subject Terms:
      NEW York Stock Exchange
    • Subject Terms:
      SPITZER, Eliot, 1959-; GRASSO, Richard A., 1946-; LANGONE, Kenneth, 1935-
    • Abstract:
      This article discusses the efforts by New York State attorney general Eliot Spitzer in dealing with financial mispractice on Wall Street over the past several years, with specific focus on the current charges against former New York Stock Exchange chairman, Dick Grasso. During his six years in political office, New York State attorney general Eliot Spitzer has racked up a stunning record as a champion of the little guy. On the other hand, getting into a mudfight with Dick Grasso--who's vowed to fight to the death--is precisely the kind of situation Spitzer seeks to avoid. Spitzer quickly concluded he had "hooks" to bring suit, because state law governing not-for-profit corporations (under which the NYSE operates) requires them to pay only "reasonable" compensation. Spitzer named only Grasso and his closest NYSE board ally, investment banker Ken Langone (who chaired the compensation committee as Grasso's pay package skyrocketed), as individual defendants. Spitzer replies that he merely brought the case that he uncovered--a board that had been duped about Grasso's pay by Grasso and Langone.