NYSE’s board is about to…

NYSE’s board is about to change

Embattled New York Stock Exchange directors attend their first full meeting in the post-Grasso era Friday knowing that their days on the board are numbered.

Richard Grasso was forced to resign as head of NYSE after revelations of his wallowing-at-the-trough salary of 148 million a year (plus a 50 million bonus). This from a man who demands all the other companies should act respectably and for the shareholders. What a hypocritical greedy pig. And now all the board will be joining him and resigning too.

This is fascinating. Apparently it was the floor traders, the working class of the NYSE, who first revolted, demanding his resignation. They ended up overthrowing the existing power structure. Hmm, just like the WTO revolt a few days where the poorer countries formed a bloc and walked out, torpedoing the talks, this is a case where the turbulent action has moved inside and is not just outside on the streets anymore.