CUTTING OFF THE HEAD DOESN'T KILL THE SNAKE

the Board of Directors of the NYSE decided to ask for dick grasso's resignation yesterday. and, as all well paid CEO's do, he bowed to the request and reluctantly resigned. his resignation is a continuation of the cleansing process that the financial markets have been undergoing for the past year in its quest for a fair and transparent trading enviroment. what makes no sense at all is why mr. grasso was asked to resign by a board that decided to give him the outrageous pay package.

in the coming weeks, or possibly days, the question of responsibility and lack of oversight will surely come into play here. conflicts of interest will be examined. lack of competent governance will be discussed. and more resignations will be tendered.

the NYSE is a SRO or self regulatory organization, that presides over the trading of securities on the largest exchange in the world. during the boom time and the subsequent downturn, the NYSE discovered, or was informed about, lots of business being conducted on its floor that was illegal or unethical. now its in the process of fixing itself and the systems that were, and still seem to be, broken. cutting off dicks head, i know that sounded painful, will not correct the problems or kill the snake!

have a grateful day!

larry