The Merc recently went public, and today it has $900 million of enterprise value with a market cap of $3.1 billion. Merc CEO Jim McNulty receives annual pay and benefits totaling about $1.5 million. But for his longer-term service he owns a one-time grant of stock options now valued at $66 million, according to a Merc spokesperson.
    In a piece of bitter irony, NYSE board members talked Dick Grasso out of a Big Board public offering in 1999. But Mr. Grasso was right — only full privatization will enable the NYSE to resolve all of its pay, disclosure, regulatory and modernization issues.
Since Mr. Grasso resigned without cause, he will take all his compensation chips off the table. Perhaps he will retire. Maybe he will run another company. But the big lesson is this: Our free-market American system of entrepreneurial capitalism must never be Europeanized by punishing success or delinking effort from reward. We must never wage war against the smart investments or talented people that made our economy the most inventive and prosperous in all history.
Mr. Grasso was one of our successes. He earned his pay. For both his economic value and moral inspiration, he deserved a better fate.
QUESTION:
Is Mr. Grasso wronged? If so, by whom? Then how and why? Given your evidences and use your own words as much as possible.
Part V Translation (30%)
Section A Translation the following passage from English into Chinese. (15%)
Both Crosby and Presley were creations of the microphone.  It made it possible for people with frail voices not only to be heard beyond the third row but also to caress millions.  Crosby was among the first to understand that the microphone made it possible to sing to multitudes by singing to a single person in a small room.
Presley cuddled his microphone like a lover.  With Crosby the microphone was usually concealed, but Presley brought it out on stage, detached it from its fitting, stroked it, pressed it to his mouth.  It was a surrogate for his listener, and he made love to it unashamedly.
The difference between Presley and Crosby, however, reflected generational differences which spoke of changing values in American life.  Crosby’s music was soothing;  Presley’s was disturbing.  It is too easy to be glib about this, to say that Crosby was singing to, first, Depression America and, then, to wartime America, and that his audiences had all the disturbance they could handle in their daily lives without buying more at the record shop and movie theater.
Section B Translate the following passage into English. (15%)

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