This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Five Dumbest Things on Wall Street This Week

Grasso-tronomic Delight
Talk about worker's comp

5. The Grasso Is Greener on the Other Side of Wall Street

After more than a year of stonewalling, the New York Stock Exchange released Wednesday an internal report concluding that the NYSE did a terrible job of keeping ex-chairman Richard Grasso's pension and benefits under control.

Surprise, surprise. We had to wait a year to learn that?

As is usually the case with these fact-finding reports at Good Organizations Gone Bad, the fascinating parts lie not in the general conclusion but in the lurid details.

Our favorites: The disclosure that Grasso's outsized compensation had some trickle-down effects. Specifically, the 2003 report noted that Grasso's executive assistant was paid approximately $240,000 annually over the prior three years, and that he "used the services" of two drivers on the NYSE payroll, each of whom earned $130,000 a year.

Poetically enough, we also learned this week that the producers of The Apprentice -- the Trump version, mind you -- are scheduled to be setting up shop Friday at the Trump building on 40 Wall St., about 50 yards from the Exchange. The producers' goal is to find participants for another round of the show, in which people will again compete for a job with The Donald.

Well, now we know everybody's lining up at the wrong building. If people really want to make big bucks being a gofer for an insufferable rich guy, maybe they should head down the street to the NYSE.
Want to get your Five Dumbest in the mail? Sign up for a free Five Dumbest email alert by becoming a TSC member; the email contains the Five Dumbest article for that week, plus other select TheStreet.com stories. And as a TSC member, you'll gain access to a sampling of our premium RealMoney content. Click here to sign up!
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
C $55.68 0.80%
MSO $6.28 0.64%
T $35.57 0.14%
AAPL $126.54 0.89%
FB $86.98 1.40%

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs