NYSE Names John Reed Interim Chair

cnn ^ | 9-21-03

[dogbyte12]

New York Stock Exchange names former Treasury Department official John Reed as interim chairman, following Richard Grasso's resignation. Details soon.

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[wardaddy]

I'm suprised...Reed sort of fell out of flavor at the end at Citi.

[Tony in Hawaii]

What kind of commie would name his son John Reed?

http://www.marxists.org/archive/reed/

[Jerr]

Reed never was much of a CEO. All image and no substance. I was an auditor at Citicorp during the late '80s. There was a lot of stuff being swept under the rug at time with Reed at the helm. Everything from drug money laundering in Central/Southern America to intended lack of regulatory compliance in the States. Reed never cleaned it up nor addressed it in any regard --- good old boy network. Audit took a backseat to business goals in what was supposed to be a regulated industry.

Same old, same old .... is John Reed asking Grasso to return any of the money? Why do you think Grasso resigned rather than wait around for someone to tell him to return some of funds due to his poor performance as head of the exchange. Did the exchange on its own ask for any REAL financial reforms to protect the individual investor.

Same game, new player........

[Jerr]

Sorry for the repost, but I wanted to add a few to the reply.

Reed never was much of a CEO. All image and no substance. I was an auditor at Citicorp during the late '80s. There was a lot of stuff being swept under the rug at time with Reed at the helm. Everything from drug money laundering in Central/Southern America to intended lack of regulatory compliance in the States. Reed never cleaned it up nor addressed it in any regard --- good old boy network. Audit took a backseat to business goals in what was supposed to be a regulated industry.

Same old, same old .... is John Reed asking Grasso to return any of the money? Why do you think Grasso resigned rather than wait around for someone to tell him to return some of funds due to his poor performance as head of the exchange. Did the exchange on its own ask for any REAL financial reforms to protect the individual investor.

Same game, new player........

[wardaddy]

what about Sandy Jerr?

I'll respond in the AM.

Hard to deny Sandy's return to stockholders since the old CC days.

[Clemenza]

Walter Wriston, THERE was a banker...

You are right about Reed. Weill, on the other hand, has been hit and miss, although I'll be glad to see him go.

[jjm2111]

Reed, the citigroup pretty boy who got muscled out by Weill? That Reed? Looks like nothing's a-changing on Wall Street.

[Jerr]

Sandy Weill has at least one thing going for him --- he did not come from the Citicorp environment and management mentality of whatever the world doesn't know won't hurt them! He has been making some good moves by eliminating some ethically questionable management. He is concentrating on consumer and government relations --- how much is sincere, and how much is window dressing due to all of the KNOWN corruption is yet to be seen.

But he is off to a good start! I will give him the benefit of the doubt, but there is very strong public and governmental pressure for reform, sincere or otherwise.

I have not heard, even through the insides if he is actually a good guy or not ---- but as a positive, I have not heard of ethical problems from him or anyone else at Travelers'. So I am hopeful for them. Unfortunately, they have gutted Citicorp so much, I don't know if they have enough bodies to actually make any significant reforms (besides just running day-to-day business).

I would wait and see about Sandy, but John Reed has no business being involved at all with the NYSE given its current problems --- let alone leading it!

I am also waiting to see how much he will be making after his trial period. The dollar introductory price only gets you so much --- I wouldn't want to be there when he actually presents his bill for services rendered.

[Jerr]

You're right ------ it won't be any different!

[wardaddy]

Sandy has taken a behind the scenes role now I believe.

Citi is a force of it's own. I believe it's asset base would place it in the top ten of any GDP of a list of nations and it's loan book dwarfs many.