Washington, D.C. (Jan. 12, 2004) -- The Securities and Exchange Commission has authorized a formal investigation into the compensation of former New York Stock Exchange chairman and chief executive Richard Grasso.

The board of the NYSE, which asked the SEC to pursue the matter, turned over a report prepared by outside counsel Dan K. Webb that summarizes the results of the nearly three-month internal investigation of the decisions that led to Grasso’s September resignation.

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