“Many of the New York Stock Exchange directors who will decide the fate of Richard A. Grasso remain on the fence, either publicly or in private, as they contemplate how to respond to the firestorm of criticism over his pay package as chairman and chief executive of the Big Board,” writes Landon Thomas in today’s New York Times.

“One director, who insisted on not being identified, said yesterday that Mr. Grasso’s future remained dependent on two crucial factors: the extent to which support erodes among floor traders and the reaction of the Securities and Exchange Commission.”

“The commission received a letter and a sheaf of accompanying documents last week from H. Carl McCall, the chairman of the compensation committee, outlining Mr. Grasso’s compensation history.”

“A handful of the exchange’s 26 directors have voiced their support for Mr. Grasso after last week’s additional disclosure that he would forgo $48 million that he is still due, having taken out $139.5 million in pay and deferred gains. The majority of the directors, however, have remained silent, and they are the ones who will determine his future, directors predicted yesterday.”

“Several directors this week have called for a special meeting of the board to discuss the fallout of the latest disclosures and to gauge the board’s support of Mr. Grasso.”

“If the drumbeat of criticism continues — from corporate watchdogs, politicians, regulators and floor brokers — one director said yesterday, even some of Mr. Grasso’s supporters would be hard pressed to continue to back him.”

“Several Wall Street executives have privately criticized the size and timing of Mr. Grasso’s pay packages, though they have expressed support of him in meetings and they ultimately approved the latest contract.”

“Mr. Grasso partly oversees those executives and their firms, since the New York Stock Exchange has a substantial regulatory function as well as a markets role.”

“These Wall Street executives voiced strong support for Mr. Grasso at a board meeting last week when he said he would forgo the $48 million, directors who were there said.”

“Defenders of Mr. Grasso suggest that it is unfair to blame him for accepting a compensation plan approved by the board.”