has scored quite a few "First on CNBC" scoops as more people weigh in on the seemingly excessive pay package given to NYSE chairman Dick Grasso by his generous board. As I write this, it's just been reported that Sen. Joe Lieberman has added his voice to the chorus demanding Grasso's resignation.
I'm not sure I can fault anyone for accepting a lot of money when someone gives it but the thing to ponder is the role of a company that serves both a regulatory function for member firms and its own profit at the same time. Grasso was trying to cool the issue last week when he announced he would forego the $48 million bonus the board offered him on top of his $140 million pay package. If anything, matters are worse and I bet he's wishing he'd kept that bonus by now.
The guy is very good at what he does and he's a very smooth communicator. I also don't blame him for reinvesting his pay for the future, although it suggests a fantastic return compared to most members' experience in the last 3 years with their own work. He said something about estate planning being part of his decision to let his money grow. Maybe he wants to be buried on the Moon? Who knows?