The NYSE's first-ever disclosure of CEO Richard Grasso's multimillion dollar annual salary and the recent payment of a one-time sum of $140 million in cash for deferred compensation has set off a barrage of bad press and scrutiny that is reminiscent of last summer's investor-confidence crisis. Given the down economy, the compensation was widely criticized as exorbitant.1. The SEC is looking into Grasso's pay and the NYSE's governance and compensation policies 2. Grasso is essentially a regulator, not a private-sector CEO 3. Grasso is worth it and has done well at the NYSE 4. The NYSE hasn't abided by the same new governance rules it expects of its members 5. Grasso's contract renewal prior to completion of the NYSE's governance review was unseemly Based on 43 US newspaper, magazine, and TV stories appearing August 27-September 15, 2003. Evaluation and analysis by CARMA International.