6:40 pm Sep. 20, 2011
Last week, Governor Andrew Cuomo requested the resignation of Port Authority vice-chairman Stanley Grayson, according to a knowledgable source. The resignation has since been offered and accepted.
Grayson's departure may be a harbinger of things to come: Port Authority executive director Chris Ward is also expected to be replaced at some point in the near future.
Grayson did not immediately respond to a request for comment. The Port Authority press office referred all questions to the governor's office, which also declined to comment.
Grayson was the vice chairman of the Port Authority of New York and New Jersey, the sprawling bistate agency which oversees much of the city's critical infrastructure, from the PATH trains and airports to the Hudson River bridges and tunnels.
The New York and New Jersey governors each get to appoint six unsalaried commissioners to the board for six-year terms. David Paterson appointed Grayson in 2008, which means his term wasn't set to expire until 2014.
In May 2010, he was elected vice-chairman of the board.
Grayson's full-time, private-sector job is vice-chairman and COO of M.R. Beal & Company, described on its website as "the nation's oldest and continuously operated minority-owned investment bank."
Grayson's experience in public service runs deep. Before he went into investment banking, he served as the deputy mayor for finance and economic development in the Koch administration.
Stanley E. Grayson was appointed to the Board of Commissioners in December 2008 by Governor Paterson.He was elected Vice-Chairman of the agency on May 18, 2010. Mr. Grayson is the Vice Chairman and Chief Operating Officer of M. R. Beal & Company, an African American owned investment banking firm specializing in the structuring, underwriting and selling of municipal bonds and notes along with fixed income and equity securities, trading and financial advisory services to state and local governments, public authorities, non-profits and corporations throughout the United States.
Prior to joining M. R. Beal & Company, Mr. Grayson was the Managing Director and Manager of the Public Finance Department of Prudential Securities Incorporated and member of the firm’s Operating Council. From 1990 through 1996, Mr. Grayson was a Vice President at Goldman, Sachs & Co. in the Municipal Bond Department’s Infrastructure and General Banking Group.
Immediately preceding his investment-banking career, Mr. Grayson served as Deputy Mayor for Finance and Economic Development for the City of New York. As Deputy Mayor, Mr. Grayson was responsible for formulating and guiding the City’s policies to expand economic activity, retain and create jobs, attract new businesses, increase the local tax base, and maintain and improve the City’s business climate and condition. As Deputy Mayor, he oversaw the City’s Finance Department, Department of Employment and four economic development agencies: The Office of Business Development, The Department of Ports and Trade, The Public Development Corporation, and The Financial Services Corporation.
Previously, Mr. Grayson served as the City’s Finance Commissioner. From December 1984 through December 1987, he served as Commissioner and Chairman of Financial Services Corporation – a not-for-profit organization and predecessor agency to the City’s Economic Development Corporation. Mr. Grayson also served at that time as Chairman of the City’s Industrial Development Agency. Prior to serving in the administration of Former Mayor Edward J. Koch, Mr. Grayson was a member of the Law Department of the Metropolitan Life Insurance Company in New York City, where he specialized in the areas of corporate finance and securities investments.
Mr. Grayson received his law degree from The University of Michigan Law School and his Bachelor of Arts from The College of the Holy Cross. He is a retired member of the New York State Bar, and serves on the Board of Directors of TD Bank, N.J., New York Catholic Charities, The Alliance for Downtown Business, The Municipal Securities Rulemaking Board (MSRB) and the New York State Small Business Advisory Board.