Street Fighting: Rumor Mill

Newsweek, May, 2005 by Charles Gasparino

Wall Street is a huge industry, employing close to 170,000 people just in New York City, and tens of thousands more in brokerage offices throughout the country and the world. But in many ways, The Street operates like a small town, where rivalries and petty jealousies play out in a rumor mill of suspicion and speculation.

Consider the latest grumbling from the floor of the New York Stock Exchange, which recently announced plans to merge with electronic-trading outfit Archipelago and become a public company. The deal calls for the owners of the exchange, known as "seat holders" (early on in the NYSE's 213-year history, members traded stocks from actual chairs) to receive some $2.5 million in a combination of cash and stock in exchange for their approval of the merger....

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