On August 27, 2003, the Wall Street Journal discovered that the NY Stock Exchange has rewarded its Chairman with a retirement package of nearly $140 million with entitlements of an additional $48 million leading to the resignation of. This caused immediate controversy, as the hand-picked compensation committee consisted mainly of representatives from NYSE-listed companies over which Grasso had regulatory authority as its CEO.
On May 24, 2004, Grasso was sued by New York State Attorney General Eliot Spitzer demanding repayment of the majority of the $140 million pay package. Prior to being dismissed Grasso had been in line to receive an additional $48 million over the $139.5 million he had already received; he was not paid the additional funds.
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