[ms] · Est. May 2002
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im still wondering how this is legal?
[URL]http://www.msnbc.msn.com/id/15333953/[/URL]
it was an agreed package with every chair holder agreeing to it....... how can an outsider, not named the SEC, void the contract?????? the only person who had beef with it was spitzer....
Re: Toasty/ rubyraks....
Did you read the last few paragraphs? The NYSE operates as a non-profit and takes tax advantage of that status. As a non-profit, they are only allowed to pay reasonable compensation and they are subject to being overseen by the attorney general. Otherwise, anyone could operate as a non-profit and just pay out "profits" as compensation rather than reinvesting the money in the non-profit business. Hence the non-profit company becomes quite a profitable business to the executives of the company.
Essentially, by claiming non-profit status, you inherently subject yourself to state oversight, similar to incorporating or LLP status subjects you to service through the state. You've made part of your private business public by taking the public protection or non-profit status in this case.
Re: Toasty/ rubyraks....
yeah i know that, but under what law can an outside reneg on the contract? non profits are allowed ''reasonable pay'' and frankly,after being asked to leave early after what he did for the exchange, 140 mil, is reasonable when he is personally responsible for bringing billions back to the NYSE......
ie. what was the law that spitzer used? a NY law? a fed tax law? a fed civil law? that is what im looking for.... you in the office?> grab westlaw if you time
Re: Toasty/ rubyraks....
it would have to be state law if spitzer has jurisdiction, so therefore I'd say to check NY's non-profit law.
Re: Toasty/ rubyraks....
Can't really add much to what Ruby said. Spitzer's authority looks to be pretty well-settled under the circumstances. Also, although I certainly don't know the particulars of it, it sounds as if the thrust of the allegations are that the amount of compensation that was paid would not have been approved had the board been aware of the true facts, so the fact that they signed off on it isn't particularly telling, IMO.
Again, though, I don't know much about the underlying facts, so take that for what it's worth.
Re: Toasty/ rubyraks....
[QUOTE]Spitzer has said any return of Grasso?s compensation will be used to help fund a stock exchange program that educates investors.[/QUOTE]
Yea...right. That Spitzer guy makes me cringe.
Re: Toasty/ rubyraks....
he is only doing it for his run for office me thinks.
Re: Toasty/ rubyraks....
no shit, everything spitzer's done in the last 5 years has been for his run for office...