SEC probes NYSE report

The Securities and Exchange Commission (SEC) has opened an investigation into matters raised in a December 2003 report to the New York Stock Exchange (NYSE's) Board of Directors, prepared by independent counsel Dan Webb.

The report focuses on the compensation of former NYSE chairman and CEO Richard Grasso and the process by which the compensation was determined. The NYSE has referred the report to the SEC and the New York State Attorney General Eliot Spitzer.

“The Commission’s investigation will seek to determine whether there have been violations of the federal securities laws or NYSE rules. This inquiry should not be construed as an indication by the Commission that any violation of law has occurred.

“The

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