This is Bob Doughty with the VOA Special English EconomicsReport.

Not many people would admit they were paid too much for a job.But that is what Richard Grasso is being asked to do. Mister Grassowas chief of the New York Stock Exchange until last September. Sincethen, the exchange has asked him to return more thanone-hundred-million dollars of his pay. Now the state attorneygeneral of New York, Eliot Spitzer, has brought civil charges todemand that money back.

The New York Stock Exchange is organized as a company thatoperates for the public good. It is governed under state rulescalled the Not-for-Profit Corporation Law. This law says companiesthat do not earn profit cannot pay their employees an "unreasonable"amount. But the law does not say how much is too much.

Mister Spitzer does not say that Mister Grasso was a bad chiefexecutive officer. In fact, he praises his work as C.E.O. MisterGrasso is credited with helping to re-open the stock markets afterthe terrorist attacks of September eleventh, two-thousand-one.

But he also served as chairman of the board of directors of theexchange. Mister Spitzer says Mister Grasso pressured the members toapprove too much pay.

Mister Spitzer also says that information was hidden from theboard. A man named Frank Ashen is cooperating in the case. His jobwas to inform the board about Mister Grasso's pay. Mister Ashen saysmistakes were made. But he says he never purposely gave incorrect orincomplete information to the directors.

Last December, the stock exchange separated the duties of chiefexecutive officer and chairman of the board.

The pay plan for Mister Grasso is complex. It included aretirement plan, special pay and money to be paid at a later time.Last August the board voted to approve almostone-hundred-ninety-million dollars in pay for recent years. MisterGrasso has already received one-hundred-forty million dollars. Heagreed not to ask for the additional money. But, in the end, theexchange may owe him even more than that if he wins.

Mister Grasso says the case brought by the New York stateattorney general appears political. He says he did not try to hideanything, and that the board approved all the money. The formerchief of the world's biggest stock exchange says he did nothingwrong. And he says he expects the courts to agree.

This VOA Special English Economics Report was written by MarioRitter. This is Bob Doughty.