Langone, Grasso and Spitzer – What Goes Around Comes Around

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I have written several times in the past about the unholy alliance between Ken Langone, Richard Grasso, GE, Lew Ranieri, Computer Associates, et al.
These are some of the original and sponsoring members of the Unconscionable Pay Club.

Seems like litigation continues over Grasso’s pay package, but Ken Langone enjoyed a bit of schadenfreude when Spitzer screwed up.
But in the spirit of karma, Mr. Langone is not yet off the hook for his part in spreading the “more money than any human needs” virus.
The Wall Street Journal Law Blog tells us today that the judge used these words to “smack down” Mr. Langone.
“…Gary Naftalis, Langone’s lawyer, had argued that, while his client wasn’t obliged to inform the committee about Grasso’s pay, “the undisputed record and facts show he had.”

But the appeals court today refused to buy Naftalis’s argument. “Langone had the responsibility to make compensations recommendations which were in the interest of the NYSE, in good faith and with ‘conscientious fairness, morality and honesty in purpose,’” it wrote.”

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  1. You Are There: A Review of “All The Devils Are Here” - Francine McKenna - Accounting Watchdog - Forbes says:
    January 25, 2011 at 4:20 pm

    […] history of the financial crisis.” They start with the early 1970’s and the story of Larry Fink, Lew Ranieri, and David Maxwell. These three are credited as the fathers of the mortgage-backed security and the […]

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