New York Stock Exchange
board member Kenneth G. Langone is selling his seat on the exchange as he faces investigations into his brokerage firm and his role in former Chairman Dick Grasso's massive pay package.
According to the exchange's weekly bulletin, Langone's sale will be final with the close of business March 11. The most recent exchange membership sold for $1.5 million on Feb. 25, the bulletin reported.
Langone was among the biggest supporters of Grasso, who ultimately resigned from the exchange amid a firestorm over his lucrative pay package. Langone headed the compensation committee when Grasso's biggest pay packages were approved. Langone resigned from the NYSE board in late 2003.
Last year, the AFL-CIO depicted Langone, a founder of
, as a chronic suck-up and called for him to be banished from every board in the country for his unapologetic defense of the fallen NYSE chairman.
Meanwhile, Langone's brokerage firm, Invemed, has been charged by the
with unlawful profit-sharing activities involved in hot initial public offerings between late 1999 and early 2000.