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Article: The bell tolls for Grasso; The New York Stock Exchange.(Richard Grasso resigns)
- Article from:
- The Economist (US)
- Article date:
- September 20, 2003
CopyrightCOPYRIGHT 2003 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Richard Grasso's forced departure may set in train a thorough overhaul of the New York Stock Exchange
THE exchange's president had been caught raiding the widows' and orphans' fund. The chairman of the Securities and Exchange Commission (SEC) was sounding threatening. So it was that in 1938 the New York Stock Exchange (NYSE) placed its fate in the hands of William McChesney Martin, a 31-year-old security analyst nicknamed "Mr Chocolate" because hot cocoa, not the whisky favoured by others on Wall Street, was his beverage of choice.
Similarly, in the early 1960s, the crew who ran the American Stock Exchange were pushed out after an investigation prompted ...