Wednesday, February 02, 2005
Another Reason to Oppose Privatization
Remember this guy. How do you get paid $150 million to run a non-profit corporation? From the Times article:
Richard A. Grasso, the former chairman of the New York Stock Exchange, received $144 million to $156 million in excess compensation during his time at the Big Board, taking deliberate steps to keep his high-profile board in the dark about his soaring pay and get the money out early, according to a stinging internal report released today by the exchange. .... It documents a culture of excessive pay at the exchange, whereby Mr. Grasso's executive assistant was paid $240,000 a year and his two drivers $130,000.
Nice work if you can get it. The thing that puzzles me is when characters like this stand up and argue that they deserve what they got and are willing to fight to keep it. $150 million is an obscene amount of money to receive all at once. A little perspective is in order. Say Mr. Grasso has about 30 years to live. He could spend $571 per hour every hour for the rest of his life before going broke. This is of course if he kept the money under his bed. Grasso's too smart for that.
A guy with Grasso's financial acumen could guarantee himself a lousy 4% rate of return with very conservative investments, like say lending it to the government that he and his friends own. Let's see, 4% of 150 million is $6 million. That comes to interest earned of $16,438 per day or $685 per hour. Wow this means Grasso can spend $685 per hour, every hour for life. With the elimination of the evil death tax, which unfairly punishes successful hard working folks like Mr. Grasso, his heirs can keep doing the same forever and ever, (world without end, amen ... I was an altar boy once) without even touching the sexy, gorgeous pile of 150 million beautiful dollars that he raked off the top of unsuspecting investors' returns in the first place!
This guy will fight for his right to party. It's his due. Now let's hurry up and privatize Social Security to help others on Wall Street achieve the Sun God status that Mr. Grasso has achieved. I am sure that we can trust these altruistic men of stature with our old age security. If not, maybe he'll offer us one of those chauffer jobs.
... Coming soon - a rambling, heart felt cry for the imposition of a maximum wage in this country!
Remember this guy. How do you get paid $150 million to run a non-profit corporation? From the Times article:
Richard A. Grasso, the former chairman of the New York Stock Exchange, received $144 million to $156 million in excess compensation during his time at the Big Board, taking deliberate steps to keep his high-profile board in the dark about his soaring pay and get the money out early, according to a stinging internal report released today by the exchange. .... It documents a culture of excessive pay at the exchange, whereby Mr. Grasso's executive assistant was paid $240,000 a year and his two drivers $130,000.
Nice work if you can get it. The thing that puzzles me is when characters like this stand up and argue that they deserve what they got and are willing to fight to keep it. $150 million is an obscene amount of money to receive all at once. A little perspective is in order. Say Mr. Grasso has about 30 years to live. He could spend $571 per hour every hour for the rest of his life before going broke. This is of course if he kept the money under his bed. Grasso's too smart for that.
A guy with Grasso's financial acumen could guarantee himself a lousy 4% rate of return with very conservative investments, like say lending it to the government that he and his friends own. Let's see, 4% of 150 million is $6 million. That comes to interest earned of $16,438 per day or $685 per hour. Wow this means Grasso can spend $685 per hour, every hour for life. With the elimination of the evil death tax, which unfairly punishes successful hard working folks like Mr. Grasso, his heirs can keep doing the same forever and ever, (world without end, amen ... I was an altar boy once) without even touching the sexy, gorgeous pile of 150 million beautiful dollars that he raked off the top of unsuspecting investors' returns in the first place!
This guy will fight for his right to party. It's his due. Now let's hurry up and privatize Social Security to help others on Wall Street achieve the Sun God status that Mr. Grasso has achieved. I am sure that we can trust these altruistic men of stature with our old age security. If not, maybe he'll offer us one of those chauffer jobs.
... Coming soon - a rambling, heart felt cry for the imposition of a maximum wage in this country!
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