The Five Dumbest Things on Wall Street This Week
Talk about worker's comp
5. The Grasso Is Greener on the Other Side of Wall StreetAfter more than a year of stonewalling, the New York Stock Exchange released Wednesday an internal report concluding that the NYSE did a terrible job of keeping ex-chairman Richard Grasso's pension and benefits under control.
Surprise, surprise. We had to wait a year to learn that?
As is usually the case with these fact-finding reports at Good Organizations Gone Bad, the fascinating parts lie not in the general conclusion but in the lurid details.
Our favorites: The disclosure that Grasso's outsized compensation had some trickle-down effects. Specifically, the 2003 report noted that Grasso's executive assistant was paid approximately $240,000 annually over the prior three years, and that he "used the services" of two drivers on the NYSE payroll, each of whom earned $130,000 a year.
Poetically enough, we also learned this week that the producers of The Apprentice -- the Trump version, mind you -- are scheduled to be setting up shop Friday at the Trump building on 40 Wall St., about 50 yards from the Exchange. The producers' goal is to find participants for another round of the show, in which people will again compete for a job with The Donald.
Well, now we know everybody's lining up at the wrong building. If people really want to make big bucks being a gofer for an insufferable rich guy, maybe they should head down the street to the NYSE.
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