OVERVIEW

Richard Grasso had to step

down as the CEO/Chairman of

the New York Stock Exchange
(NYSE) on September 2003.

The reason behind his

resignation was weeks of intense

criticism by the public over his
pay package/compensation.

But Ken Langone, the head of

the Compensation Committee,

firmly believed that the amount
being paid to Grasso was
absolutely reasonable.

Although Ken Langone was

being viewed as the mastermind

behind all these activities by
everyone ie the Government
Regulators, NYSE members and
the Media.

This also led to the resignation

of both the board of directors,
Carl MCcall and Juergen
Schrempp because of the
pressure and they couldnt
handle the criticism by the
public.