Spitzer fires new shot in Grasso pay war

[Judi Lynn]

Spitzer fires new shot in Grasso pay war
Mar 23

New York Attorney-General Eliot Spitzer aims to examine regulatory lapses at the New York Stock Exchange under Richard Grasso as part of a lawsuit seeking to recover some of the former chairman's pay.

A court filing shows that MrSpitzer asked New York State Supreme Court judge Charles Ramos to force Mr Grasso to produce the transcript of a deposition he gave to Securities and Exchange Commission lawyers in June 2005. The questions focused on whether Mr Grasso knew about illegal trading, according to the brief filed yesterday by assistant Attorney-General Avi Schick.

"The state is entitled to explore the regulatory failures at the NYSE during Grasso's stewardship, and his role in allowing or facilitating illegal trading conduct at the NYSE," Mr Shick wrote.

"There was a direct relationship between Grasso's regulatory performance and the amount of compensation he was awarded."

Mr Spitzer, who filed his lawsuit in May 2004 on behalf of the NYSE, is seeking to recover a portion of the $US190 million Mr Grasso was paid.
(snip/...)

http://afr.com/articles/2006/03/22/1142703432660.html

[SOS]

1. Schumer and Suozzi are now working for the Republicans.

"Suozzi's fundraising records suggest he is getting a boost from Spitzer's legal opponents. Of the $1.7 million Suozzi had raised specifically for the governor's race, more than $500,000 came directly from friends, family and associates of Grasso ally and former Big Board director Kenneth G. Langone, who was named as a co-defendant in Spitzer's lawsuit against Grasso.
Langone is an investment banker who and was a co-founder of Home Depot Inc., a Nassau County resident and a fundraiser extraordinaire -- he was a top moneyman for former New York Republican mayor Rudolph W. Giuliani." - Washington Post

Schumer and Suozzi have sided with Grasso and Langone. They want to damage Spitzer enough so that Weld can win.
A Schumer dream come true.

How many elections will Schumer cost us in 2006?

[wordpix2]

3. WTF? I thought Schumer was a good guy, now this?

[AX10]

2. Schumer is a douchbag for attacking Spitzer.

Spitzer has been the one fighting corporate corruption. What the HELL has Chuck done? Maybe Chuck gets too much Wall Street money.