back to business
U.S. markets opened this morning after halting trading on Monday and Tuesday due to the raging storm.
At the Nasdaq, Times Square Alliance President Tim Tompkins was scheduled to ring the opening bell, signaling the resumption of business as usual—we hope. The New York Stock Exchange, which hadn’t closed for two consecutive days due to weather since 1888, was also set to open.
“Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening,” NYSE Euronext CEO Duncan Niederauer said in a statement.
But good intentions are no guarantee of positive results. The Times reported yesterday that the New York Stock Exchange was experiencing “connectivity problems,” while the Journal reported criticisms of the exchanges inadequate preparations for extreme events such as severe weather or terrorist attacks.
WATCH THE THRONE
Goldman Sachs president and COO Gary Cohn—who many consider to be next in line for Lloyd Blankfein’s job, assuming he isn’t immortal—has a novel idea about Goldman Sach’s place in the press: To stay out of it. Which he said on television this morning.
JPMorgan fallout: Jamie Dimon couldn’t sleep after seeing the CIO positions! He had a hard time breathing! Mr. Dimon drank vodka, others drank wine and the JPMorgan chief executive officer struggled to fire “sister” Ina Drew. Ms. Drew told executives at an April 9 operating committee meeting that early press reports of the London Whale were Read More
Gary Cohn, Goldman Sachs president and chief operating officer, was on his best behavior last night at the Friends of the High Line spring benefit, as the Lloyd Blankfein heir apparent (or not) was seated behind the lectern at center stage, and had his image projected onto the out-sized screens throughout the evening’s speeches. Read More
On the same day that a Bloomberg News poll found financial executives are still less popular than Congressmen, lawyers and insurance companies, Goldman Sachs announced that it won’t pay its top brass cash bonuses this year.
Naturally, the 30 executives will still receive rather large “retention payments,” but they’ll be in restricted stock–which Read More
One thing that won’t be left behind when Goldman Sachs moves from its shabby old digs at 85 Broad Street into a shiny new tower on West Street is that dark cloud of public distrust that’s hanging over the holiday bonus season.
Yesterday, William George, a Goldman board member, told Bloomberg TV the Read More
With the announcement last week that its top seven executives would forgo annual bonuses for 2008, Goldman Sachs continues to demonstrate why it has always stood out from the rest of Wall Street as a leader that represents the best in capitalism. By giving up tens of millions of dollars in compensation, Goldman’s chief executive, Read More