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g0097
09-22-2003, 12:43 AM
:lol: I am sure that this is a miss-print but in an article over at MSNBC is states that the new Intern head of the NYSE will be paid $1 no longer how long he serves! :lol:

http://www.msnbc.com/news/969244.asp?vts=092120031630&cp1=1
GoldKey
09-22-2003, 12:47 AM
Doubt it is a misprint. He is a short term replacement and they want to get back some creditablity after the problems with the last person in that position. I will bet this is a short term appointment until they can put in the due diligance to get a permanent head who will have a more appropriate salary.
Janak Parekh
09-22-2003, 01:52 AM
That's definitely not a misprint -- the fact they put it in the first paragraph gives that away.

$1 is just a "token" salary to make it technically a job. There are other benefits to being interim NYSE head. ;)

--janak
JustinGTP
09-22-2003, 04:43 AM
They mean 1 million dollars if you read the rest of the article.

JOHN S. REED, 64, will lead the exchange as it seeks a permanent replacement for Dick Grasso, who was forced out by news his compensation deal totaled $187.5 million — a figure seen as excessive even by Wall Street standards.

-Justin.
Janak Parekh
09-22-2003, 04:47 AM
They mean 1 million dollars if you read the rest of the article.
No. The quote you cited says $187.5 million. Instead, this quote makes it pretty explicit:

Reed, who insisted he was not a candidate for the permanent position, said he hoped the exchange would have a new leader by the end of the year. The NYSE will pay him $1 no matter how long he serves.

No "million". Again, this is token pay.

--janak
maximus
09-23-2003, 03:14 AM
A man like John S. Reed no longer needs money anyway. Thirty-five years in citibank/citigroup should have given him a very deep pocket, not to mention the retirement/severance package when he was ousted by Sandford I. Weill.
Janak Parekh
09-23-2003, 03:21 AM
A man like John S. Reed no longer needs money anyway. Thirty-five years in citibank/citigroup should have given him a very deep pocket, not to mention the retirement/severance package when he was ousted by Sandford I. Weill.
Absolutely. And that's what mystifies people about Richard Grasso. Didn't he have enough money already? :lol:

I'll take $1 million of his pay, thankyouverymuch ;)

--janak
maximus
09-23-2003, 05:21 AM
Which brings us to the next logical question:

What will you do if you have one million dollar ?