I need a a help on this case

Richard Grasso joined the New York Stock Exchange (NYSE) in 1968 as a clerk and

worked his way up to the executive in charge of listings and then to chairman in

1995. In 2003 he was forced to leave the exchange after earning $187.5 million as

chief executive officer.

Subsequently the New York states attorney general, Eliot Spitzer, sued Grasso

to return his pay. Spitzer argued that Grassos pay was excessive and a breach of

fiduciary duty.

The board of directors that approved the pay package includedmanyWall Street

executives such as Henry Paulson, then the head of Goldman Sachs Group Inc. and

subsequently U.S. Treasury secretary; Larry Fink, CEO of BlackRock Inc., a private

equity firm; and Richard S. Fuld Jr., former CEO of Lehman Brothers Holdings Inc.

The NYSE board had a compensation committee. Ken Langone was the chair of

the compensation committee from 1999 until a few months before Mr. Grasso left

the exchange. H. Carl McCall became the new chair of the compensation committee

in June 2003 and claimed that the committee did not receive detailed information

about the compensation. McCall recommended that the full board approve the pay

package. Even though board members claimed they were shocked by the size of the

package, they approved it anyway. In 2008, the courts ruled that Grasso could keep

his pay.

Read Case Former CEO of NYSE: Grassos Pay Package. Do you think this is a case of excessive management compensation? Who else stood to gain from granting Grasso such a lucrative compensation package? Why did the board approve the pay and the courts rule that Grasso could keep his pay? Provide information from and a link to an Internet site with a story about this incident.