The NYSE has asked the SEC to investigate the NYSE over the Grasso pay issue. It is a fine example of two cats (the NYSE and SEC) hiding their heads under couches and hoping no-one (Eliot Spitzer) notices that their asses are hanging out.
Here is the NYSE to the SEC:
“…serious damage has been inflicted on the exchange by unreasonable compensation of the previous Chairman and CEO, and by failures of governance and fiduciary responsibility that led to the compensation excesses as well as other injuries. While we believe that you are more capable of pursuing the matter than the exchange itself, we assure you that we will participate or cooperate in any way that is appropriate.”
And here is the SEC to the NYSE:
“The commission’s investigation will seek to determine whether there have been violations of the federal securities laws or NYSE rules. The commission will coordinate its investigation with the New York attorney general, who will seek to determine whether there have been violations of New York laws governing New York non-profit corporations.”