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California Pension Funds Demand Ouster of NYSE Chairman over Mega-Pay Scandal.

By Gilbert Chan, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News

Sep. 17--The West Coast took on Wall Street on Tuesday when California's two mammoth public pension funds and the state treasurer demanded the resignation of New York Stock Exchange chief Dick Grasso as criticism of his $139.5 million retirement and deferred-compensation package grew.

Leaders of the two funds, along with state Treasurer Phil Angelides, vowed to use their financial muscle and political influence to force Grasso's ouster and a revamping of his compensation pla

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