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Essay / Research Paper Abstract
A 5 page paper. In 2003, Dick Grasso's compensation and retirement package became public and he was forced to resign because it was so large. This essay discusses this case and comments on who, if anyone, was in the wrong, and whether anyone had been unethical. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGgrasso.RTF
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Unformatted sample text from the term paper:
high-level financial persons who awarded the compensation package to Dick Grasso. To suggest this esteemed and data-conscious group of experts was unaware of what they were doing and/or could be
manipulated or intimidated by Grasso or anyone else is silly. Those who are complaining the loudest are those in similar positions whose compensation packages are dramatically less than Grassos. That
screams of envy and jealousy. Other facts: The value of a seat on the NYSE more than doubled during Grassos tenure. The cost of leasing a seat more than
tripled. The number of companies on the Exchange doubled. The majority of the 500 foreign companies listed on the Exchange joined during Grassos tenure. The technology of the NYSE was
dramatically improved during his years as chairman. He successfully held the NYSE together during the Y2K technological problems. The NYSE was able to overcome the attacks of 9/11 due to
Grassos ingenuity and ability. Dick Grasso took over in 1995 but it was not until 2003 that his compensation package took center stage on Wall Street. Part of that contract
was identified as deferred compensation. The chair of the NYSE compensation committee said: "The guy earned every penny we paid him" (TEXTBOOK, p. 720). Unless being paid very well for
a job done very well is wrong, there are no ethical issues in the case. Unless there are laws that limit the amount the head of a not-for-profit organization or
agency, there are no legal issues. Comparing his bonus for the exceptional job he did with the NYSE during and after the terrorist acts to the fact that emergency responders,
the mayor and other public employees did not receive a bonus for their exceptional work during that time is a red herring. It bears no relationship to the heart of
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