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Saturday, October 21, 2006

For Further Study:

Floyd is writing a short essay about his friend Richard, in which he calls Richard "proud." Could Floyd have found a better adjective? If so, what might it be?


'Richard Grasso should have taken John Reed’s advice.

Mr. Reed was brought in as chairman of the New York Stock Exchange after Mr. Grasso was forced out in the wake of the disclosure of his $139.5 million in pay. He commissioned a report on Mr. Grasso’s compensation that was scathing in its criticism of both Mr. Grasso and the Big Board’s directors, most of whom seem to have had lttle understanding of just how much they were paying Mr. Grasso.

In talking to reporters, Mr. Reed said that “If I were” Mr. Grasso, “I’d call me up and say, ‘John, let’s talk.’ ” He suggested that Mr. Grasso should agree to “write a check for $150 million” to settle the affair.

Mr. Grasso, a proud man, would have none of that. He said he would settle only if he were paid more millions, and filed suit demanding that he be paid $48 million he had previously agreed to waive. He also sued Mr. Reed for defamation.

...I have known Mr. Grasso for two decades, and spent some time with him while this was blowing up.... '



floyd norris, nytimes