Get Dick Back! The former NYSE chairman turned our attention to regulatory failure. Will it now be business as usual?
On Wall Street, November, 2003 by Dan Jamieson
We should all thank Dick Grasso for drawing attention to the industry's self-regulation mess and crystallizing public distrust of federal oversight.
Until recently, no one seemed to care about systemic fraud. Remember the Nasdaq collusion scandal (which was settled in 1996)? Or the Big Board floor trader scandal (settled in 1999)? The SEC was a reluctant regulator in both; the public and Congress paid no attention.
Fast forward to the post-Grasso era. The SEC is reportedly investigating the American Stock Exchange and accusing it of lying; it's engaged in the NYSE specialist investigation; and it recently settled with the Chicago Exchange over illegal trading.
The SEC finally may be watching SROs. And now Congress is asking if self-regulation works.
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