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Richard Grasso
49quotes
Richard Grasso
Full Name and Common Aliases
Richard A. Grasso is a former American businessman and regulator.
Birth and Death Dates
Born on June 30, 1948, with no publicly available information regarding his passing.
Nationality and Profession(s)
An American by nationality, Grasso's profession primarily revolves around the realm of finance and regulation.
Early Life and Background
Richard A. Grasso was born in Brooklyn, New York, to an Italian-American family. His early life and education are not extensively documented in public records; however, it is known that he earned a bachelor's degree from Iona College in New Rochelle, New York.
Major Accomplishments
Grasso's most notable achievement came when he served as the Chairman of the Securities and Exchange Commission (SEC) from 2003 to 2005. During his tenure, he oversaw significant changes in financial regulations aimed at enhancing investor protection and market stability. He also played a key role in shaping the SEC's response to corporate scandals.
Notable Works or Actions
One of Grasso's most notable actions was his decision to increase disclosure requirements for publicly traded companies. This move was part of a broader effort to enhance transparency and accountability within the financial sector. Additionally, he advocated for more stringent regulations on executive compensation practices, aiming to curb excessive pay packages.
Impact and Legacy
Grasso's tenure at the SEC left a lasting impact on the regulatory landscape. His efforts contributed to the passage of significant legislation aimed at preventing future corporate scandals. Critics argue that his leadership style was sometimes divisive, with some questioning his handling of high-profile cases. Nevertheless, Grasso remains an influential figure in discussions about financial regulation.
Why They Are Widely Quoted or Remembered
Richard A. Grasso is widely quoted and remembered for his contributions to shaping the regulatory environment within the United States. His legacy as a champion of investor protection continues to influence debates around financial reform.
Quotes by Richard Grasso
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Our systems are all go. At 9:30 Monday morning trading will resume on both markets, and the message will be given to criminals who foisted this on America that they lost.
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Clearly there are always unintended consequences of any legislative or regulatory act that's taken in the heat of battle.
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Let's take a timeout. Let's allow investors the opportunity in a period of market calm to re-examine what's happened and to deploy new strategies into the marketplace.
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The globalization of the capital market is actually part of economic globalization. This will create a change in the entire world economy, not just restricted to some fields in some countries.
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This is a basic requirement the meaning of globalization is that we should admit that the economy of each country is dependent on the economy of all the others.
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What the American people don't understand is how Merrill Lynch or AIG or Lehman Brothers can reward people, and the entity fails. Not only do the shareholders lose, but the entities lose.
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For the past 36 years, I have had the honor and privilege of working for what I believe is the greatest equities market in the world, the New York Stock Exchange.... I believe this course is in the best interests of both the exchange and myself.
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I don't think there's any reservation, that Monday at 9:30 (a.m. ET), the opening bell as we've come to know it will ring here and trading will commence,
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In the course of the next few days we will do all the required stress testing that's required of our industry, ... To make sure that by Monday morning the American people are served by the finest capital market the world has known.
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