Financial Services Industry
Industry: Email Alert RSS FeedThe Grasso Post Mortem.(analysis of forced resignation of NYSE Chairman Dick Grasso)
Traders, October, 2003
The forced resignation of NYSE Chairman Dick Grasso will settle like a storm cloud over the securities industry. His undignified exit from the Big Board - in the dark of night - produced the inevitable soul searching and political handwringing. It was driven by a media feeding frenzy, amidst unsettled economic conditions. This, after all, is a thumping good yarn as the media salivates for the next bold headline. But it is a sad story because of the damage it causes to the NYSE in general, and investor confidence in particular. How this yarn - a somewhat quirky story about a man reputedly accused of legally earning a bundle - is spun in the court of public opinion will matter. It will matter for the future of the NYSE and for Grasso's own legacy. Will he be viewed by the...
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