Booyah Spitzer!
I rail on Governor-elect Spitzer a lot for only doing half his job as Attorney General. But even I have to give him props for cleaning up some of the bad stuff that went on in Wall Street. The New York Stock Exchange was a management mess for a long time. Recently, Ex-NYSE CEO Richard Grasso was ordered to repay part of his $187.5 million compensation package, after it was deemed that Grasso hid the details of his total compensation package from the Board of Directors. At the time Grasso headed the NYSE, it was a not-for-profit corporation.
Earlier this year, the New York Stock Exchange became a for-profit corporation and became a public company trading on the market itself. They’ve been moving away from the old-school human trading towards a computerized exchange, reducing overhead along the way. They’re looking at joining up with overseas exchanges. They’re making Mad Money.
Ten days ago, based on a Jim Cramer recommendation, I bought some NYX. Now it’s up over 25% as the short-sellers are finally starting to realize that this ain’t Grasso’s NYSE anymore and are getting squeezed. Spitzer helped make that happen. Cramer says NYX is heading to $250. I’ll ride that train! BOOYAH!
Nice buy on the stock, good luck with it! As far as Spitzer goes, even a broken clock is right twice per day. I’m waiting to see how Grasso’s appeal turns out.