The New York Stock Exchange has named a new interim chairman and CEO. John Reed's appointment, however, is but the first drop in a torrent of change that will hit the venerable institution in the coming months.
Reed, the former Citigroup
Thus, about half the NYSE's directors are now in hot water, and on their way down the drain. USA Today says 12 Wall Street executives on the board will be gone by the end of the year -- victims of a new reform plan being pushed by fellow board member and Goldman Sachs
Paulson's plan remedies the biggest sickness in the NYSE's structure: The very firms the exchange is supposed to regulate are helping run it.
In an op-ed piece in yesterday's New York Times, Muriel Siebert -- the head of Siebert Financial
In short, we'll know the NYSE is sincere when it operates the same way it wishes its member institutions would.