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.
Ladies, please meet our friend Bob. The CEO of a major insurance company, in his late-60s, some might say bullheaded, certainly outspoken, but there’s a kindness to his eyes, and he summers in the palatial estate built for the treasurer of a Yugoslavian king, which is nice. On the other hand, possibly a cheapskate, and probably not marriage material, which is to say, he’s married, but maybe open to the idea of a little additional companionship.
From Jess Pressler’s New York magazine profile of American Insurance Group CEO Robert Benmosche:
Probing MF Global: Two former back-office employees at MF Global, the broker-dealer led by Jon Corzine until its collapse last year, warned superiors that the firm was using clients’ funds to cover its own obligations. The misuse continued anyway. Federal investigators are focusing on Edith O’Brien, a former treasurer at MF Global; Ms. Read More
Bloomberg reports that a specific timetable is emerging for a Treasury exit from AIG, the insurer that nearly blew up in the fall 2008 but was systemically important and hence bailed out. Citing three people with knowledge of the talks, Bloomberg says Treasury could announce a plan to get taxpayer money out of Read More
In case you were concerned about the meager post-bailout paychecks of those top A.I.G. execs, no need to worry. Kenneth Feinberg, the Pay Czar, is taking the un-czarlike step of showing mercy on the bailed-out brass, after the Journal reported yesterday that five executives had threatened to quit.
A.I.G. seems to have shown Read More
While Conde Nast begins to grapple with the recommendation of those surprisingly stylish McKinsey staffers, A.I.G. is throwing them out.
McKinsey was preparing a plan for the financial giant that was titled, rather cryptically, “Project Destiny,” but the company’s C.E.O., Robert Benmosche, decided that the company has too many advisers already.
“I Read More