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Donaldson's Early Warning on NYSE Reforms

Traders Magazine, September 2003

Gregory Bresiger

The SEC, in a statement following the resignation of Richard Grasso as chairman of the NYSE, affirmed that it is going to push for basic structural changes in how the Big Board is run. But even before the statement, SEC Chairman William Donaldson last month told the House Financial Services Committee that Grasso's controversial pay package will trigger a wholesale review of how the Big Board functions. "The issue here, congressman," said Donaldson in response to a question from U.S. Rep. Scott Garrett (R-New Jersey), "is only partially the issue of exact compensation, the issue is how was that arrived at? What procedures were in place? How was it related to the other aspects of the financial side of the stock exchange?"

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