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 Home > News & Policies > September 2003

Excerpts from the Press Briefing by Scott McClellan, September 17, 202003 (Full Transcript)

QUESTION: Scott, frequently when the President is out speaking on the economy in the country, he'll talk about the need for personal responsibility and corporate responsibility. In light of that, what's his opinion of the compensation package of Richard Grasso of the New York Stock Exchange?

MR. McCLELLAN: Well, I think that that's a matter for the New York Stock Exchange board to address. You're talking about compensation, and that's an issue for the board to address. Obviously, our SEC has some regulatory role in this and they've made some comments. But the President views that this is a matter for the New York Stock Exchange board.

QUESTION: Even though he's out there talking about the need for corporate responsibility, when he sees a guy making $100 million from the public trust --

MR. McCLELLAN: Remember, this is a compensation issue. Now, you did bring up corporate wrongdoing -- we have taken aggressive action to go after corporate wrongdoers. This specific issue is related to compensation.