Stock exchange doings don't spark confidence

Stock exchange doings don't spark confidence

Stock exchange doings don't spark confidence
Saturday, February 05, 2005


For more than a year, the New York Stock Exchange held onto a report on the doings of former NYSE chief Richard A. Grasso. Then on Wednesday, on a judge's orders, the exchange released the internal report.


One could see immediately why the market had been sitting on the document.

In it, everyone comes off looking bad. Grasso, the report says, received between $144 million and $156 million in excessive compensation - and then tried to hide that fact from the board of directors.


The report, prepared by Dan K. Webb, a former federal prosecutor and the NYSE's lawyer, has been the subject of widespread speculation on Wall Street for the past year. Its official release did not disappoint.


In his eight years at the top of the New York Stock Exchange, Grasso received $192.2 million in compensation or paid pension benefits. His executive assistant was paid $240,000 annually. His two drivers each got $130,000.


What's most revealing is the relationship that Grasso had with the NYSE board of directors. Grasso not only had undue influence over who was chosen to serve on the board, he alone had the authority to pick the members of the compensation committee.


When the chief executive names the people who are going to decide his salary, its a safe bet that he is going to pick people who are already well paid. Big numbers, after all, won't seem outsized to them. And he is likely going to pick people who are his friends, too.


Grasso, the Webb Report says, did both.


The New York Stock Exchange is a quasi-public institution. It is also a not-for-profit entity.

One can only wonder what Dick Grasso and members of the board of directors and the compensation committee were thinking. New York's attorney general, Eliot Spitzer, believes that Grasso was plundering the public trust and wants him to repay much of what he received.


Several years back, when the doings at corporations such as Enron and WorldCom and Global Crossing became known, investors understandably began to wonder about the scope of corporate malfeasance. While they are rightly pondering those questions, they need to be able to have faith in the exchange at which stock in those corporations is traded.

Computer Problems Again

Started the morning with computer problems. Which is nothing new I just can't figure out how to fix them. I have been told I need more RAM. So I am going to go shopping today for RAM.

I wish it was mine

‘Bennifer’ 6-carat ring is on the block
Jeweler Harry Winston has reacquired the ringThe Associated Press
Updated: 4:07 p.m. ET Feb. 4, 2005NEW YORK - Jenny’s engagement ring is back on the block.


A year after Jennifer Lopez and Ben Affleck called off their wedding, her engagement ring has been “reacquired” by New York jeweler Harry Winston, said Carol Brodie, a spokeswoman for the jeweler, on Friday.

Brodie confirmed the ring is for sale, but the price is available only to “serious buyers.” The transaction was first reported by People magazine.

Affleck, 32, purchased the 6-carat pink diamond ring in 2002. He and Lopez split in January 2004 after calling off their wedding because of intense media attention.

His publicist, Ken Sunshine, wouldn’t comment on the report. Lopez’s publicist, Leslie Sloane Zelnick, didn’t immediately return a call seeking comment Friday.

In June, Lopez reportedly married salsa singer Marc Anthony at her Beverly Hills, Calif., home, and Affleck has been linked to “Alias” actress Jennifer Garner.

Lopez and Anthony will sing a duet at the Feb. 13 Grammy Awards show in Los Angeles.

Friday Afternoon

Well my computer is still acting up. I need to run a virus checker / spyware program or something. It really sucks when it locks up and I have to start it up again. It will be a nice quite evening for me tonight I don't feel like going out. Just me and this crappy computer.

UGHHH I can't figure this out

I can't figure out how to put multiple pictures up on this thing. Someone help me.

This is Great CRIME DOES PAY

Martha Stewart - You're Hired - Elites TV - Your Elite News Source

Martha Stewart - You're Hired




Although Martha Stewart still has another month to go in her five-month federal prison sentence, she doesn't have to worry about having a job when she is released. On Wednesday, Apprentice and Survivor producer, Mark Burnett announced that Martha will soon have her very own reality show in which willing victims will be put through their paces to become her protege ALA Donald Trump.

Auditions for both Apprentice 4 and Martha's show will start today.

Martha, of course, had her own home and lifestyle program prior to her being incarcerated for stock improprieties. She is also said to be preparing a new show highlighting her decorating skills.

Martha is not allowed to conduct business until her release on March 6. Burnett claims that this deal was brokered prior to her confinement and that they have obeyed the court order and not spoken about business since she has been locked up. Once she is released, however, Stewart will be allowed to work 40 hours a week for five months during her 'house arrest.'

D.R. Boyer

Thank you Joe for the info

IT Observer - MSN Messenger Attacked by Worm

MSN Messenger Attacked by Worm
Author: Jeremy C. Wright, Staff Writer
Friday, 04 February 2005, 15:59 GMT
Reader Comments | Post your comment

Anti-virus company TrendMicro is warning that a new variant of the Bropia worm is using MSN Messenger to spread.

Bropia.F is a worm packaged with a second, more dangerous worm that tries to exploit known issues in unpatched computers.

The latest variant was discovered late Wednesday, according to TrendMicro. The virus spreads by sending itself as a picture of a roast chicken with tan lines to all available or online contacts. It also releases the Agabot.ajc virus on the infected PC.

Adam Biviano, a senior systems engineer at Trend Micro, said that although there have only been a handful of reported infections, the company has declared the worm a medium risk, because of its potential to spread and steal users' bandwidth.

"The potential for damage is quite high, because it drops another worm on your machine that is quite nasty and can spread through network by taking advantage of unpatched desktops and servers," Biviano said.

This variant of Bropia is easy to avoid, according to Biviano, because it exploits issues that were patched several months ago. In addition, it relies on people opening a file through MSN Messenger. The best course of action to avoid infection is to ensure your PC is patched, and to only open files you are expecting – even if they are from someone you know, as any infected user won’t know the file is being sent in the first place.

"Usually, if you are sending a file using (an instant messaging program), you say 'I'm sending you this picture, have a look at it.' It is never random or out of the blue," Biviano said.

Biviano said this variant of Bropia is the first worm to use instant messaging that has been given a higher-level alert status. It probably won't be the last, he said.

"Obviously, the popularity of IM itself is starting to gain the attention of the virus writers," he said, "and they are now using it as a tool."

Yes I figured out the pictures

Ok so far so good I have figured out how to post photos on my blog. I just need to make them larger or something. Off to search the internet again to see what I can find.

CHRISTINA'S PLACE

I am going to try this blog thing. I just have to figure out how to set it up and post some pictures. If anyone knows some cool things to put up let me know.