"TWO LESSOR EQUITY MEMBERS ADMITTED TO NEW YORK STOCK EXCHANGE BOARD OF DIRECTORS"
A final accomplishment was convincing the Board of Directors of the Exchange to include two Lessor Members on the Board. I made an appeal to a subcommittee of the Board of Directors,
chaired by Leon Panetta and Alex Trotman, Chairman of Ford Motor Company. My contention was that 870 Equity Lessor Members of the Exchange had no direct representation on the Board,
and that a majority of the Equity Ownership of the Exchange had rights, specifically the right to participate in the future direction of the Exchange as its owners.
After deliberation, we were offered one Directorship. I refused the offer and reasoned with the Committee that every other group had two representatives. They reconsidered and agreed to give Equity Lessor Members two positions on the Board. Unfortunately, the Grasso scandal derailed the appointments and Chairman Grasso was removed (or resigned) from office. A
reorganization of the Exchange's Governing Body was implemented and the promises made to include two Lessor Members on the new Board did not happen.