Compensation

If you follow financial news, you might have read that the former head of the New York Stock Exchange, Dick Grasso was allowed to keep the deferred compensation he had earned during his eight years as head of the NYSE.

In 2004, then NY attorney general, Eliot Spitzer (now an ex-governor of NY following his prostitution activities) sued Grasso for being given $140 million for his eight years of service to the NYSE.

On July 1st, that court action finally came to a conclusion when the NY Supreme Court stated there was no cause of action and Grasso was entitled to receive the $140 million.

Many may remember the outcry, when the $140 million was first revealed.  What an outrageous sum!  Of course, Grasso guided the NYSE through one of the most incredible and tenuous stock market periods.  Most critically, during 9-11, he provided the leadership to get the NYSE up and running in just a few short days.  His actions helped stave off a worldwide financial calamity.

That $140 million in compensation should be compared to that of Mr. Randy Bono from Western, IL.  Randy's name is not as well known, but it should be.

Mr. Bono has raked in more than $400 million for himself for the class actions he's filed in Madison County, Illinois.  As with most class actions, the large group of plaintiffs get little, while the lawyers take as much as 33% of the award.  

So, Mr. Bono didn't save the world economic markets like Mr. Grasso did.  Bono earns nearly 3 times as much as Mr. Grasso, and nary an eyebrow is raised.  

It's probably completely unrelated, but Mr. Bono is a HUGE contributor to the Democratic Party.  
 

 

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