Richard Grasso Essay

I believe that the responsibility lies between NYSE board and Grasso. It seems as if NYSE board gave Grasso the liberty to have the idea. Perhaps the board of NYSE looked to the progress Grasso made with the NYSE that they lost their clear judgement. Richard Grasso tried to do an unprecedented thing to receive a hefty payout from his retirement fund. Grasso is more responsible because he was the one who negotiated for this payout. It isn’t as if the board members were begging Grasso to take the payout. A sound system of board governance absolutely would have prevented this tragedy from occurring because it would provide for a sort of checks and balances. If there was a board governance, there might not have even been a committee that was chosen

He worked day in and day out to defiantly fight to open the NYSE again. Grasso’s defiance gave inspiration because the NYSE reopening symbolized a jumpstart in American business. Grasso could have avoided this by keeping a loyal team around him that also consulted him to prevent him from making completely reckless decisions. Grasso could have avoided this by keeping his life simple- it seems as if he became greedy long after he had enough money to live comfortably. Grasso could have avoided this situation by leveling himself to prevent gaining the “winner wants all” mentality. Grasso is definitely an example of a person who didn’t adjust after such intense changes that stemmed from his success. Grasso came from humble beginnings- he lived in a single parent household that was lower middle class. He was a college dropout who enlisted in the military and defiantly worked his way up to the top. Richard Grasso was definitely a person who had grit and perhaps he still has it. His background might have contributed to this situation because his success and wealth were a big jump from where he came. It seems as if Grasso might have been filling voids in his life. He seemed to be a loner who was used to making it on his own without help from others. He seemed to have lost his ability to sustain and maintain which led him to make this decision whether it was with malice or