As you may have heard, the East Coast got some rain this weekend, which affected a bunch of people’s abilities to get to work. Goldman Sachs employees who reside in the city and work at 200 West were given vouchers for car service for this morning’s commute, though, according to Heidi Moore, everything was booked by last night, and some people were left slumming it on the subway with Mayor Bloomberg or hoofing it downtown. Citi employees were given remote access to the network in order to work from home, while those determined to make it in got their pick from of a box of rollerblades, wrist guards, and elbow pads left in the lobby of 388 Greenwich on Friday afternoon, among other “transportation alternatives” they were offered. Many of those who live in Connecticut (and Westchester) and work in New York or vice versa most likely stayed put this morning, on account of Irene seriously fucking up the Nutmeg State, battering roads and putting the BarCar out of commission. Some of those who did get in shared a closer look at how the weather affected their routines, like Susanne Petronella, who didn’t have time to put on her face.
Petronella, a floor clerk for GI Brokerage at the NYSE, lives in the borough of Queens. She drove into the city with four other people over the Brooklyn Bridge. “I’m usually still in bed right now,” she said in front of the NYSE before 7 a.m., while smoking a cigarette. “My hair’s not done. My makeup’s not done.”
One guy thought the lack of humans downtown was great, and welcomed whatever further natural disasters it would take to make this the norm.
Phil Prothro lives in Jersey City, New Jersey and left his home at the usual time, arriving in Manhattan by PATH train. “It was actually a pleasant commute,” said Prothro, who works at GDS International. “No problems at all. It was on time and empty, and I was expecting it to be late and full.” He said Wall Street was more empty than it normally is. “This is very unusual,” he said, while waiting for an egg and cheese sandwich from a cart at about 7:40 AM. “It’s how I wish it was every day.”
Then there was Duncan Niederauer, whose morning was an absolute nightmare. Read more »
She can blow a park bench through the windows of the New York Fed, flood all of downtown Manhattan and rustle the papers on Maria Bartiromo’s desk but come Monday morning? That bell is getting rung. Read more »
The clam-juice cocktails at the private Stock Exchange Luncheon Club, where brokers lined up three deep at the raw bar, contained tomato juice, cooled water from boiled chowder clams, ketchup, celery salt and the option of a freshly shucked clam. Add vodka and they called it a Red Snapper. “Everyone for years tried to duplicate it, and it was dead wrong,” said Grasso, 64, who started at the New York Stock Exchange as a clerk for $81 a week in 1968, a year after the NYSE first accepted a woman as a member. [Bloomberg]
Been missing Dick Grasso in your life? Have a recurring fantasy in which he runs for Mayor of New York City? Today’s your lucky day, because Dick has promised his fans he’ll do just that. Read more »
As we have previously discussed, the renaming of the NYSE, post Deutsche Börse merger, is a delicate dance in which lots of people must be made happy. Though the Germans will own 60 percent of the company, many in New York are preemptively apoplectic over the notion of DB getting top billing. Chuck Schumer, for instance, has stated that he will handcuff himself to Maria Bartiromo’s desk in the event his town doesn’t come first (a threat NYSE chief exec Duncan Niederauer took seriously, by stating “DB NYSE” will not be an option). What to do? Hire a special task force and give everyone who wants it an opportunity to put in his/her two cents. Read more »
Senator Chuck Schumer just appeared on CNBC to discuss the Deutsche Boerse and NYSE Euronext deal. His thoughts? He likes it, assuming the New York name comes first, otherwise he’s going to handcuff himself to Maria Bartiromo’s desk until it happens. Read more »
Kenneth Polcari knows, and planned accordingly. Read more »
“I had two things going against me. I was a reporter with a camera and I was a woman,” she says of her early days reporting live from the bedlam of the testosterone-fueled boys’ club on the exchange floor. “One day, I was standing by the General Electric post and there were maybe 25 guys within earshot when one of them who was about three times my age said, ‘Run along, little girl, and don’t come here again.’ I had knots in my stomach. I looked at him and said, ‘Don’t talk to me that way’—and I ran along! But I came back! And I kept coming back. And 20 years later, I’m still there.” [VF]
Chris Bosh, on the floor of the NYSE, daring to dream. [NYP]
Executives from the nation’s various trading venues convened are holding meetings in Washington today to devise new rules that aim to prevent the dramatic 1,000-point drop in the Dow that shocked the markets last week.
Early reports from the meeting indicate that exchanges, including NYSE Euronext and Nasdaq, are planning to institute uniform circuit breaker rules that slow trading during volatile market swings. The rules are meant to apply across most major trading systems, but it’s unclear how regulators can impose the rules on banks’ internal order flow. Read more »
You can trade anywhere these days. So why not demand a bribe?
Fresh from their success sinking the CMDX, the CDS clearinghouse founded by the Chicago Mercantile Exchange and Citadel Investment Group, the Wall Street oligarchs are now insisting upon tribute from the New York Stock Exchange.
The Big Board is selling a “significant stake” in its U.S. futures exchange, NYSE Liffe U.S., hoping to drum up business after seeing its revenue and profit plummet in the third quarter. It’s worked before: NYSE Euronext sold off a stake of its NYSE Amex Options platform last year, quickly boosting its market share. And while Citadel and the CME tried–and failed–to go it alone, the Intercontinental Exchange built a dominant CDS clearinghouse with the backing of nine banks.
Read more »