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New York Sues Former Exchange Head Grasso

New York Attorney General Eliot Spitzer sues former New York Stock Exchange chairman Richard Grasso and former board member Kenneth Langone over the pay package Grasso received for leading the NYSE. Spitzer said Grasso's $187.5 million package was "wholly inappropriate and illegal." Grasso stepped down last September after his compensation became an issue for the NYSE.

Langone, ex-chairman of the exchange's compensation committee, defended Grasso's compensation, saying in a statement to NPR, "These were honest, diligent and sound compensation decisions that were thoroughly researched and, most importantly, supported by 100 percent of the board." NPR's Jim Zarroli reports.

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Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.