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CNN Live At Daybreak
Life Without Grasso: Some Traders Upset by His Leaving, Others Happy
Aired September 19, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now, though, for a little business buzz. After Dick Grasso resigned as Chairman of the New York Stock Exchange, the board of directors has been looking for a new leader, but their offer has been turned down four times.
I could probably suspect the reason why.
Carrie Lee live at the Nasdaq market site with more.
Good morning.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Carol.
Certainly tough issues to fill following Richard Grasso's departure as Chairman and CEO of the New York Stock Exchange. Of those names, let me just tell you two of them, former Treasury Secretary Robert Rubin, also Donald Marron. He is the former head of the PaineWebber brokerage. Spokespersons for both gentlemen say that they were not interested in the position as chairman and CEO of the New York Stock Exchange.
Now a couple of things that the board is thinking about, one of them is actually splitting that position into two. A couple of questions are going to be on the table at a 2:00 p.m. board meeting set for today. That is one of them.
The big question, though, of course is who is going to be the new leader of the exchange? A couple of people, as you mentioned, had been asked. Also, how should the board be composed? SEC Chairman William Donaldson says the NYSE needs some fresh leadership, and many board members are now calling for an outsider to step in at the helm. Also, should the job of chairman and CEO be split?
And then finally, regarding future ownership of the NYSE, should they take the company public? Of course publicly traded companies really have to put all of their financial cards on the table. All of their financial documents become public information, and then you won't have this sort of veil of secrecy surrounding compensation and other issues.
I should note, Carol, that the Nasdaq is in fact a publicly traded company, and now some people are saying more than ever that the NYSE should be so as well. Certainly, though, for people who watched the market open yesterday, had a very different feel to it without Mr. Grasso there. We'll see what happens at the board meeting today at 2:00 p.m. COSTELLO: Yes, we will. Carrie Lee live from the Nasdaq market site this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Others Happy>
Aired September 19, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now, though, for a little business buzz. After Dick Grasso resigned as Chairman of the New York Stock Exchange, the board of directors has been looking for a new leader, but their offer has been turned down four times.
I could probably suspect the reason why.
Carrie Lee live at the Nasdaq market site with more.
Good morning.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Carol.
Certainly tough issues to fill following Richard Grasso's departure as Chairman and CEO of the New York Stock Exchange. Of those names, let me just tell you two of them, former Treasury Secretary Robert Rubin, also Donald Marron. He is the former head of the PaineWebber brokerage. Spokespersons for both gentlemen say that they were not interested in the position as chairman and CEO of the New York Stock Exchange.
Now a couple of things that the board is thinking about, one of them is actually splitting that position into two. A couple of questions are going to be on the table at a 2:00 p.m. board meeting set for today. That is one of them.
The big question, though, of course is who is going to be the new leader of the exchange? A couple of people, as you mentioned, had been asked. Also, how should the board be composed? SEC Chairman William Donaldson says the NYSE needs some fresh leadership, and many board members are now calling for an outsider to step in at the helm. Also, should the job of chairman and CEO be split?
And then finally, regarding future ownership of the NYSE, should they take the company public? Of course publicly traded companies really have to put all of their financial cards on the table. All of their financial documents become public information, and then you won't have this sort of veil of secrecy surrounding compensation and other issues.
I should note, Carol, that the Nasdaq is in fact a publicly traded company, and now some people are saying more than ever that the NYSE should be so as well. Certainly, though, for people who watched the market open yesterday, had a very different feel to it without Mr. Grasso there. We'll see what happens at the board meeting today at 2:00 p.m. COSTELLO: Yes, we will. Carrie Lee live from the Nasdaq market site this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Others Happy>
