
CNBC’s Charlie Gasparino reported earlier this afternoon that Duncan Niederauer, the recently appointed president and co-COO of the NYSE, will be apologizing to several specialists who were hurt by comments he’d made several years ago.
Niederauer, a top executive at Goldman Sachs and a proponent of electronic trading, said he wanted to limit or possibly eliminate the specialist system, where humans rather than computers make markets in stock because he didn’t “want five guys named Vinny executing my trades.”
A good enough number of people were apparently offended by the comment (which was reported on CNBC several weeks ago) to warrant a petition to Thain asking him to cancel the Niederauer appointment; it currently has as many as 150 names.
Niederauer's decision to apologize comes after an uproar among floor traders that the remark was offensive and possibly derogatory to Italian Americans. In recent weeks, floor traders have been heard shouting the words “call me Vinny” in protest of the remark.Niederauer is rumored to be gearing up to make the change to ‘jabroni’ in the coming weeks.
CNBC's Gasparino: Niederauer To Apologize For "Vinny" Remark [CNBC]






Posted by The Corner , Mar 08, 2007 4:58PM
Uh there are definitely more than a few guys down there who go by "Vinny". And there are definitely a few guys down there who are straight up Neanderthals. Back-Office types who ended up on the floor through the grace of God. Recently overheard on the box:
Upstairs Sales Trader: What are you guys up to down there?
Floor Broker: Not much dude, just dyin a slow death
Posted by Fabio , Mar 08, 2007 5:24PM
Floor traders are persons of delicate sensibilities.
Posted by mramirez400 , Mar 09, 2007 9:48AM
floor traders can't read; the writing has been on the wall for some time.