Richard A. “Dick” Grasso (born July 26, 1946 in Jackson Heights, Queens, New York) was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as a floor clerk. After the September 11, 2001 terrorist attacks, Grasso became the public face of the Exchange and was praised for his role in helping restart operations.
He later became embroiled in controversies and lawsuits about his allegedly excessive pay package and 0 million golden parachute, but on July 1, 2008, the New York State Court of Appeals dismissed all claims against Grasso.
Grasso was raised by his mother and two aunts in the Italian quarter of Jackson Heights, New York City since his father left the family when Richard was an infant. He graduated from Newtown High School, and attended Pace University for two years before enlisting in the Army. Two weeks after leaving the Army in 1968, Grasso became a clerk at the New York Stock Exchange.
Richard moved up rapidly in the ranks, becoming president of the exchange and then CEO in the early 1990s. As CEO, he was widely credited with cementing the NYSE’s position as the preeminent U.S. stock market. Grasso also served as an advisory board member for the Yale School of Management.
Bank cards – include both credit cards and debit cards.According to the Nilson Report, Bank Of America is the largest issuer of bank cards.
Credit card machine services and networks – Companies which provide credit card machine and payment networks call themselves “merchant card providers”.
Intermediation or advisory services – These services involve stock brokers (private client services) and discount brokers. Stock brokers assist investors in buying or selling shares. Primarily internet-based companies are often referred to as discount brokerages, although many now have branch offices to assist clients. These brokerages primarily target individual investors. Full service and private client firms primarily assist and execute trades for clients with large amounts of capital to invest, such as large companies, wealthy individuals, and investment management funds.
Private equity – Private equity funds are typically closed-end funds, which usually take controlling equity stakes in businesses that are either private, or taken private once acquired. Private equity funds often use leveraged buyouts (LBOs) to acquire the firms in which they invest. The most successful private equity funds can generate returns significantly higher than provided by the equity markets
Venture capital is a type of private equity capital typically provided by professional, outside investors to new, high-growth-potential companies in the interest of taking the company to an IPO or trade sale of the business.
Angel investment – An angel investor or angel (known as a business angel or informal investor in Europe), is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share resources and pool their investment capital.
Conglomerates – A financial services company such as a universal bank that is active in more than one sector of the financial services market e.g. life insurance, general insurance, health insurance, asset management, retail banking, wholesale banking, investment banking, etc. A key rationale for the existence of such businesses is the existence of diversification benefits that are present when different types of businesses are aggregated i.e. bad things don’t always happen at the same time. As a consequence, economic capital for a conglomerate is usually substantially less than economic capital is for the sum of its parts.
Financial market utilities – Organisations that are part of the infrastructure of financial services, such as stock exchanges, clearing houses, derivative and commodity exchanges and payment systems such as real-time gross settlement systems or interbank networks.
Debt resolution is a consumer service that assists individuals that have too much debt to pay off as requested, but do not want to file bankruptcy and wish to pay off their debts owed. This debt can be accrued in various ways including but not limited to personal loans, credit cards or in some cases merchant accounts.