Brokers and Brokerage

By Alan Fein - contributing columnist

Business Brokerage The SEC's William Donaldson demanded disclosure of the NYSE's compensation package for its President, Richard Grasso. Grasso held the post vacated by Donaldson.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our micro cap stock poll too!

- You want to request a stock broker to transfer your brokerage

Forex Broker Print This Page

2. After gaining experience in real estate sales, estate broker’s license. More exchange and broker state exam on real estate should be adopted. After receiving brokerage license, you can continue to work for another mediator to be for their own brokerage and be able to hire another vendor licensees. Become Real Estate. To ensure that you succeed in real estate investment, you can get your real estate license and later, your broker license.

Online Brokerage SEC Chairman, William Donaldson, said approval of Chairman Richard Grasso's pay package "raises serious questions regarding the effectiveness of the NYSE's current governance structure." Grasso recieved a reported $140,000,000 in compensation from the New York Stock Exchange. I guess it pays to be President!Apparently, after all the grandstanding Grasso's done in support of the Securities and Exchange Commission's attempts to "clean up Wall Street", Grasso's NYSE board thought that he deserved a little something extra in his stocking. Grasso must have the biggest feet on Wall Street or as the saying goes, "it takes a big man to fill his shoes."

Bill Nelson has served as the CEO of several software companies over the past 20 years, most recently as Chairman and CEO of Geac. Under Bill's direction, Geac grew from a small hardware manufacturer to the largest software company in Canada with revenues of approximately CDN $1B. Prior to Geac, Bill was President & Line Software (NYSE), President & COO of Pansophic Systems (NYSE), and CEO of Pilot Software (recruited by David Friend).

Real Estate Broker Grasso's base pay was only $1,400,000. So were did the 'extra compensation' come from? The NYSE wasn't saying, but that in itself may have been what prompted the the SEC's inquiry. Or I should say, Donaldson's inquiry, which was delivered in the form of a letter toH. Carl McCall, an NYSE board member and head of the exchange's Human Resources and Compensation committee. Donaldson gave McCall until September 9th to respond.Now here's the best part! Donaldson was pissed! HE used to have Grasso's job! Can you imagine how he felt when he saw what they paid Grasso compared to his own compensation when he was President of the NYSE? Talk about revenge!

Agency Brokerage Spark While Donaldson may have been upset, he was thorough and left no blame unturned, having requested a complete description of the role of the NYSE's compensation committee, how its members were chosen, and if the members have any business or financial relationship with Grasso or the exchange. Ah, the screws of justice at work!

Business Broker Wait, it gets better! Apparently the compensation was awarded before the NYSE completed a governance review the SEC had requested back in March. Can't you just see them sitting around this table, "we better get those bonuses out before the lid clamps down on the whole game!"

Brokerage Account Donaldson asked McCall for "copies of all agreements, employee benefit plans or other written materials in the possession of the Exchange, the Board, the Compensation Committee or any other committee relating to Mr. Grasso's compensation or benefits."

Stock Broker These should include "any retirement, severance, consulting or other compensation or benefits that are payable or accrue after he no longer holds his current position," according to a list of questions attached to Donaldson's letter.

Brokerage Online Stock Trading I think I'm going to appply for Grasso's job!Enjoy!

Broker Justin Ticket AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

[ Comment, Edit or Article Submission ]