Grasso has resigned (NYSE)

[barbaraann]

Breaking on CNBC

Ok - Here's link to the story:

http://cbs.marketwatch.com/news/default.asp?siteid=&avatar=seen&dist=ctmw

[Nottingham]

1. WHOO HOO!

Grasso represented the Money Grubby Greedy CEO's of America giving themselves HUGE RAISES for terrible work

[nothingshocksmeanymore]

2. With or without the dough?

[Pale Blue Dot]

4. Take a guess. nt

[ender]

3. gonna be an ugly day on wall street tomorrow

[HPLeft]

14. I hope

I'm short this market...it's about time for a correction, but that may wait until next week.

[ozone_man]

19. Short this market too.

Patience grasshopper, I think to myself.

[UpInArms]

18. considering that Grasso was a part of the PPT

Wall Street should definitely be in chaos

see: http://www.archives.gov/federal_register/codification/executive_order/12631.html

Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading Commission, or her designee.
(b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.

and, yes, that was Grasso's title - see: http://www.sec.gov/news/speech/spch090203whd.htm

On August 27, 2003, the Exchange announced that its Board of Directors unanimously approved a new contract for Mr. Richard Grasso, its Chairman and Chief Executive Officer, which will extend through May 2007.

...so tomorrow should definitely be an interesting day

[ozone_man]

20. So, there really is a PPT.

A source of great debate on stock boards. I knew about the Working Group on Financial Markets, but didn't know it's composition. They can't stop the ultimate fall in the markets, in my opinion, but they can sure seem to drag things out.

[KamaAina]

22. Grasso was chairman and CEO of the NYSE ,not the SEC

William H. Donaldson is head of the SEC.

The sad part is, I could actually imagine the greedy Repuke$$$ standing for a conflict of interest like that!

[UpInArms]

24. thanks for the correction

will have to put Donaldson on my "watch" list :evilgrin:

[MaineDem]

5. Wow

Not 5 minutes ago my husband and I were making wagers on when he would go. I lost!

[samsingh]

6. is he a republican?

[denverbill]

9. He was making $140 million a year.

Take a guess.

[Tansy_Gold]

11. Not $140 million a year.

Deferred compensation, retirement, something or other.

Still too f***ing much, but not approx. $3 million a week.

[Don_G]

25. His Pay Ballooned

From 3 Mil a year in 1996 to 25.5 Mil in 2001. The SEC Chairman requested a copy of the contract when Grasso's contract was renegoiated and the details leaked out.

[UpInArms]

12. there was some talk that he would be in Bush's cabinet

http://abcnews.go.com/sections/politics/dailynews/TheNote_Oct25.html

Politics of the Economy

The Wall Street Journal 's "Washington Wire" says: "Postelection shake-up of Bush economic team is the buzz in GOP."

"Talk persists that Treasury Secretary O'Neill or White House economic adviser Lindsey will leave. O'Neill says he'll stay as long as Bush wants, but adds, 'I've got lots of other things I can do.' A New York Stock Exchange spokesman says rumors that chief Dick Grasso wants the Treasury job are 'absolutely false.'"

"A third of voters say they have a 'great deal' or 'quite a bit' of confidence in Bush's team. An equal number have 'very little' or 'no confidence.' Voters split on whether Bush is tending enough to the economy."

<snip>

so I would take that as a Yes, he's a Republican

[otohara]

16. Bush Would Welcome Grasso

to work with the rest of the Bush gang of millionaires, crooks and liars.

Memo from Dick Cheney to Jr: Grasso is available

[Tandalayo_Scheisskopf]

7. Anyone see the S&P charts for today?

I did. Lurching around like a striped-assed baboon on ether. Ought to be delightful tommorrow.

[UpInArms]

8. here's a link

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?guid={8FD19A30-CB11-441B-981D-6469F9625E57}&siteid=mktw&dist=bnb

EW YORK (CBS.MW) -- Richard Grasso resigned late Wednesday as chairman of the New York Stock Exchange after an emergency board meeting was called to decide his fate, CNBC reported. A NYSE spokesman would not confirm the move.

...just a bit more...

doesn't say whether they will still pay him the $140 million

[Emboldened Chimp]

10. It's gonna be a blood bath on Wall St tomorrow

count on it.

[Imajika]

34. Hmmm

"It's gonna be a blood bath on Wall St tomorrow...count on it."

Or not.

3:36PM
Dow 9658.51 +112.86 (+1.18%)
Nasdaq 1908.33 +25.23 (+1.34%)
S&P 500 1039.74 +13.77 (+1.34%)
30-yr Bond 5.100% -0.14
NYSE Volume 1,300,872,000
Nasdaq Volume 1,768,016,000
Quote data provided by Reuters

[goobergunch]

13. Good Riddance! (n/t)

[stevedeshazer]

15. Another leak in the dam...

http://images.google.com/images?q=tbn:yTZevWxQ7s8C:facilities.uoregon.edu/custodial/images/leakyfct.gif

[aquart]

17. Corruption: By virtue of my virtues, I am entitled.

He thought he was such hot stuff he was worth $140,000,000?

[NaMeaHou]

21. Unbelievable

$140 million. I am watching my blood pressure go up by the minute just thinking about this. There are so many rat bastards out there it's impossible to keep up with them all.

[NewJerseyDem]

23. Isn't the board at fault?

If someone gave me $140 million dollars I'd take it. The Board was giving him the money and probably paying him too much. Maybe they should resign also. It is possible that Grasso had some sort of deal with the board but it doesn't seem like he is necessarily the worst guy in the situation.

[Don_G]

26. The NYSE

Is a corporation made up of over 400 traders and the smaller players didn't know the details. Only those senior (and larger) members had the authority to negoiate his contract.

Grasso, the senior members of the board and the SEC chairman are responsible. Word leaked out and they couldn't cover it up.

[salin]

27. What role does the SEC chairman play?

I have no idea how all of this is structured. On the surface it would seem that while the SEC may have a loose oversight role that it wouldn't be directly involved with such decisions. And if it does - that in and of itself is another level of scandal - why would (if he has the power) he approve this - it isn't in the good of investors (that money comes from somewhere).

[SOS]

28. One less crook

who will be replaced by another crook.
This could be a good job for Kenny Boy Lay !

[tedzbear]

29. This scandal stinks of conflict of interest!

Grasso was supposed to govern a regulatory agency representing traders. Usually when the people whom you are governing are paying you tons of cash way beyond your value, it means you are taking a bribe so that you will let them govern themselves as they see fit.
It's disgusting and it should not end with Grasso... But it probably will.
:kick:

[VolcanoJen]

30. Kick!

:dem:

[Name removed]

31. Deleted message

Message removed by moderator. Click here to review the message board rules.

[NewYorkerfromMass]

32. The SEC didn't make him resign

the NYSE members demanded it. So you might ask them if 140 million is too much.
If you really believe 140 mill. is chump change then no small wonder you are a Lieberman fan.
DO you live in Greenwich BTW? :eyes:

[htuttle]

33. Grasso's fellow elites at the NYSE fired him for bogarting the trough

The SEC had nothing to do with it.