NYSE Logs Expense for Possible Grasso Payout
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The New York Stock Exchange recorded a $36-million expense at the end of 2003 to account for possible severance payments for Richard Grasso, who was ousted as chairman and chief executive after exchange members objected to his $140-million pay package, according to its new annual report.
The NYSE is trying to recover some of the $140 million Grasso was paid. The exchange said it took the $36-million expense because generally accepted accounting principles required it to assume that it would lose the dispute.
An NYSE spokesman declined to comment. A Grasso spokesman couldn’t be reached.
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