In a thoughtful though not necessarily convincing piece from The Motley Fool, Dick Grasso's pay while at the NYSE is defended based on the length of his tenure and the success of the exchange during his leadership (as well as other, more obscene pay packages):

If you've worked at the world's largest and best-known stock exchange for 35 years -- during eight of which you were the CEO, including after 9/11, when you provided unparalleled leadership -- you think you'd be entitled to end your tenure nicely compensated for a job well done.

Here's what's important in Grasso's case:

• The NYSE was a private organization when the dispute arose.
• Grasso had been CEO for eight years before he left, during which time the NYSE earned more than $900 million.

Heck, if Grasso ran a hedge fund, he'd practically be eligible for food stamps [given his paltry $190 million payday]. His retirement package is equivalent to what hedge-fund manger John Paulson made every two and a half weeks last year. Grasso worked hard. He benefited the company. He deserves his pay.