As previously noted, John Thain would like the “I–told-you-so” traders who he fired to “quit [their] bitching” and “wipe the smirks of [their] faces” in regard to the events of Tuesday night. Now he also has—we can only assume, as we sometimes do—some unsavory thoughts for those "nabbering-nosey-nancy-boys" fueling rumors he’s looking into early retirement. Though the appointment of Duncan Niederauer to president and co-chair has sent the smell of fish wafting through the NYSE Group, the Thain-meister categorically denied that he will be leaving the company, during a conference call yesterday. He also stuck to his earlier story that the SEC is not investigating The Great Glitch of ’07, his exact response to the question "What's the SEC going to do?" being "Nothing," which scores points for pith but maybe not for accuracy, a pill (or crock of s***) that Charlie Gasparino, during a spot on CNBC yesterday, seemed to find difficult to swallow, as he’d been told otherwise by sources close to the matter. Perhaps Thain is simply embracing the platitude of his favorite TV character and moral compass in all things work-related, G. Constanza, who once wisely noted, “It’s not a lie if you believe it.” Can't argue with that.
NYSE in the Hot Seat [thestreet.com]
CNBC's Gasparino: SEC Looks at NYSE's Handling of Trading [CNBC]
As Rumors Fly, NYSE Chief Seeks to Reassure [DealBook]
**jfcarney(1:57:24 PM): also, did you make those Thain quotes up? If so you should at least put in a footnote explaining that we made that up because Thain isn't funny enough to say stuff like that. And also, have you issued a fatwa on your Return button?
ohbabyitssbess (1:57:53 PM): yes, yes and S a D.
Posted by The Corner, Mar 02, 2007 3:31PM
C'mon Bess, you've gotten a little bandwagon-y. Thain has not fired a single trader. Traders don't work for the Exchange. You know this, and I'm pointing out the obvious, but you seem to be suffering from New York Postasis. Goldman is doing the layoffs. Banc of America. All Thain did was bring the NYSE up to speed with EVERY OTHER EQUITY EXCHANGE. We deem it sensible when a company begins layoffs to cut costs. So how sensible would the NYSE be to resist change in order to support SOMEONE ELSE'S employees. Get real.
Also, when Thain joined the company, he said from the very start that his plan was to stay not much longer than 4 years, which is less than a year from now. So hah.