King of the Club: Richard Grasso and the Survival of the New York Stock Exchange

A few years ago, when I first heard of Mr. Grasso's salary I recoiled in shock. The presentation of the "facts" by the press led me like the pied piper to this inevitable reaction. Simply stated, I believe I reacted in the way that the news media wanted me to; in a sense I was programmed by the coverage to react the way I did. In retrospect, there may have been some balanced reporting out there at the time; I did not read everything or even a great deal about the case. It seemed so open and shut. I purchased this book, not so much because it was about the NYSE and Mr. Grasso, but because I admire the author. Now, I admire the author even more and I have, at last, been exposed to a balanced account of the "Grasso story." Although I doubt that Mr. Gasparino intended it, I have come to the conclusion that Mr. Grasso's pay was what his peers thought it should be. Mr. Grasso's detractors say that he stacked the compensation committee and the board with his allies. All of us who work for institutions have their pay determined by others. Furthermore, some of us, including me, have cultivated those who determine their pay and have received above average salary advancement on a consistent basis, often because of this cultivation. Besides schmoozing those who set our pay, most of us try to excel at our jobs and thus repay the organization for our compensation. In Mr. Grasso's case there is so much objective evidence that he executed extraordinarily as an employee of the NYSE, at all position levels, that I find it difficult to rationalize the attacks made on him. Bad "optics" is used to explain the awkwardness of Mr. Grasso's salary package at the time of its revelation to the public at large. Having been the victim of negative "optics" about my own salary level, I understand what this meant for Mr. Grasso. In his case, as in mine, people thought they could gain personally by making attacks on the level of compensation. There is no point complaining about the unfairness of this process, e.g. standards being applied selectively by a person to justify an attack on another person. Where "politics" intervenes, and it often does, fairness flees. Mr. Gasparino's book reveals much about the "politics" of the stock marketplace and how the objectives of various players conflict with one another in this highly competitive world. The oft heard complaint that Mr. Grasso was the chief regulator of the NYSE members and therefore should not have received such a high salary, becuase regulators are never paid very much, smells bad or, at best is simply naive. It is true that ONE of Mr. Grasso's MANY responsibilities was that of a regulator but his primary function was to promote the welfare of the NYSE and its member organizations. This he did superbly and, for what it's worth, I have the impression that he was not such a bad regulator given all of the conflicts of interest that are inherent in any system of what is euphemistically called "self reg

If you ever saw the enigma that was Dick Grasso, at once a brilliant showman, a hero after 9/11 and yet someone who's insecurity helped play a major role in his demise, this book is a must read. Charlie Gasparino tells this captivating story in a way that makes you feel as though you are "live and in person." You can almost see Grasso's every grimmace, hear his every word. Thoroughly researched by someone who knows how to do his homework, "King of the Club" is a birdseye view of the turbulence, angst and greed that ran rampant at the highest levels of the Big Board. In addition to the character studies and inside look at the people and players at the NYSE as it faced technological change, regulatory scrutiny and the ups and downs of the market, Gasparino chronicles the people and the times that were the backdrop for 9/11, arguably the most severe crisis to face Wall Street since the crash of '29. If you are an investor, a history buff, a CNBC viewer or just someone who likes a good story, well told, this is the book for you.

I worked on the NYSE Floor from 1986-2003 and was a Floor Trader for a few years. I knew Mr. Grasso although not too well. I encountered him almost every day. I thought he was the best thing for the Exchange and it certainly flourished under his reign. He was a charismatic cheerleader and savvy business man. I also saw his temper and dark side as he scolded me one day as I tried to transverse the trading floor with a torn calf muscle and was knocked sideways by another trader trying to get somewhere in a hurry. He heard the expletive escape from my mouth as I winced in pain and he immediately came up behind me and put a firm grip on my arm that I had not experienced since Sister Francis did so in 5th grade and gave me a stern warning about the use of foul language. I also remember the events of 9/11 and how it was rumored that Grasso wanted us back to work on 9/12 even though the building had gone through some physical stress that day as debris from the falling towers came upon the building and it shook violently as the towers fell. Not to mention what the people working inside the Exchange went through emotionally and still had to as they waited on word about family members, friends and colleagues that worked inside the towers. The book shed light on how Grasso fought with the politicians to keep the Exchange closed as we all thought he was a heartless SOB trying to further his reputation and feed his ego wanting to open it the next day. A great read that was educating as I learned a lot of what was going on upstairs as I was one of the so called "animals" on the trading floor.

The book made Mr. Grasso and the Exchange come alive! I didn't know much about the New York Stock Exchange before reading this book, but Mr. Gasparino's writing is so clear and concise that I learned not only about this fascinating self-made man but about the inner workings of the Club itself. I would recommend this book to anyone who wants to learn about Grasso or The NYSE - or to anyone who just wants to read a great story!

Gasparino's King of the Club is an intriguing, behind the scenes view of Wall Street's major players during the Dick Grasso era. Gasparino carefully explains how wall street functioned during this tumultuous time, and does so in a way that is beyond the capabilities of main stream media. As someone who works outside the Wall Street community, I embraced King of the Club; in fact, it even changed my perception of many of its main characters. Dick Grasso's professionalism during 9/11 is one notable example. King of the Club is a colorful and quick read that provides real insight into the mysterious world of high profile Wall Street.