It's not that we're wrong. It's just people will think we are: The NYSE, in an amazing show of restraint, is not going to give Grasso an additional $48MM on top of the $139.5MM package already received. Why?

The minutes do not detail the discussions related to Mr Grasso's pay. But one set notes that Mr Schrempp [the CEO of Daimler-Chrysler] referred to "negative speculation and criticism" surrounding the size of the compensation. He asked whether extending the chairman's contract to 2007 - approved in late August - was in the exchange's best interests.

He also questioned whether it had been independently reviewed, suggesting he was not aware that three consultancies on executive pay had advised the NYSE.

So, it's not that it was wrong to give him the money, just that everyone would criticize the move. And we wonder why no one has faith in Big Business.