NYSE SENDS SOS (ex-Clintonista Rubin declines Grasso's job)

NY POST ^ | September 20, 2003 | JENNY ANDERSON

[Liz]

The NYSE Board moved to get out ahead of its loud and angry critics yesterday, appointing a search committee to find an interim chairman, exchange officials said.

But that didn't stop NYSE members from continuing to call for the ouster of the board's compensation committee and to press for more information about former Chairman Dick Grasso's severance.

[kittymyrib]

And why should anyone trust the NYSE Board that has run this debacle? Every last one of the compensation committee ought to be replaced at the very least. When Enron, World Com, Tyco et al were fleecing the stock-owning public, the NYSE Board was either asleep at the switch, or knowingly passive. They need to be fined for dereliction of duty and fired. Then we can move on to firing all the members of the SEC, who proved to be incompetent in regulating the NYSE or anything else they were supposed to do. What a worthless lot! Stockholders ought to have been much more vocal when having their retirement accounts looted by corporate crooks with connections to the agencies who were supposed to be regulating them. What a rotten system.

[Liz]

When Enron, World Com, Tyco et al were fleecing the stock-owning public, the NYSE Board was either asleep at the switch, or knowingly passive.

Passive? No way. That was about the time Grasso was padding his perks.

[OldFriend]

Hah, no way could Rubin withstand the public scrutiny if he accepted the job.

[PhilipFreneau]

>> Hah, no way could Rubin withstand the public scrutiny if he accepted the job.

I was thinking exactly the same thing. Rubin is a con-man.

[OldFriend]

Now that arrests are on the horizon it's clear that Grasso was no longer effective. Time for a new hack!

Imagine the kind of person will be chosen by the likes of Madame Halfbright!

[Just mythoughts]

Rumblings started last May about Grasso's pay, and it has taken this long for whom ever it was that wanted him out to get rid of him.

There is no way the whole story is out on what went on and is going on in the money pit. Grasso sure must have tick someone off.

[StriperSniper]

Grasso's Sin of Success

[Liz]

I shudder to think who Mad Maddy will come up with (shudder).

[Liz]

....no way could Rubin withstand the public scrutiny if he accepted the job.......

Main reason why he declined it, no doubt.

[OldFriend]

The big payoff is make sure that Grasso doesn't write a book.

But then he must know that if he tells all he will get to go to a picnic in Ft. Marcy Park.

[Just mythoughts]

Tend to agree, considering the known players and can only imagine the hidden ones.

However, heard enough from a few who are known to have ethics outraged over what is unfolding, not sure how they will be quieten.

There is a thought that this has something to do with creating the "Hoover economy" that we keep hearing the socialists accusing Bush for. (Note Hillary is the first to use that phrase and old Wesley Clark used that phrase in his speech the other day.)

[bvw]

We don't need no NYSE when we've got e-Bay.

[Liz]

Heheh......nice zinger.

[bvw]

Should be so. Not e-bay (jealous I am of their size and rigteously angry at some of their policies) but the *RIGHT* to hold and run public internet auctions of bearable paper contracts and financial securities.

Why does a TIAA-CREF, a Vanguard or a Fidelity need an exchange anyway -- a lot of trades are intra-house.

[Liz]

The original intent of the NYSE was a a quasi-regulatory agency. One of the beefs about Grasso was that as a regulator he got too close to the companies he was supposed to be overseeing. His bigtime cash-out was seen as unseemly for a "regulator."

[bvw]

Right. They don't allow -- or didn't allow -- a stock with multiple classes and had requirments as the minimum book and the books of the companies they listed. In time, each "regulation" was hollowed though. It became just window-dressing.

[OldFriend]

Notice too that there is a story in today's NYPost about the TYCO investigation about to unleash the names of some VERY prominent people who were part of the fraud.

My guess is that there are more than a few people who are very afraid right now.

No doubt in my mind that there are those money market managers who will do ALL in their power to keep the stock market down to enable the evil doers to regain power.