Spitzer Challenges Grasso’ Salary as “Objectively Unreasonable”And Obtained by Incomplete, Inaccurate, and Misleading Process

Head of NYSE compensation committee is also charged with breach of fiduciary duty for failing to advise Board on entire package

As the IRS begins to inquire gingerly about nonprofit salaries in excess of $1 million a year, it is informative to look at the complaint New York Attorney General Eliot Spitzer has filed to challenge the $187.5 million pay package awarded to former New York Stock Exchange Chairman and CEO Richard Grasso. (People v. Grasso, Supreme Court of New York in New York County, filed 5/24/04.)

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Spitzer Challenges Grasso’ Salary as “Objectively Unreasonable”And Obtained by Incomplete, Inaccurate, and Misleading Process

Spitzer Challenges Grasso’ Salary as “Objectively Unreasonable”And Obtained by Incomplete, Inaccurate, and Misleading Process