Reports: Langone, Others Seek to Buy NYSE (MUST READ!)

[Career Prole]

NEW YORK - A group of seat holders on the New York Stock Exchange, led by former NYSE director Kenneth Langone, are attempting to mount an effort to purchase the Big Board and override the exchange's announced merger with all-electronic marketplace Archipelago Holdings Inc., according to published reports Sunday.

Langone called several executives last week to assess their interest in such a proposal, The Wall Street Journal and Newsweek magazine reported. Many Wall Street insiders are angry with the perceived conflicts in the deal for Goldman Sachs Group Inc., which owns seats on the exchange and has a stake in Chicago-based Archipelago.

Part of their discomfort stems from Goldman Sachs Group Inc. involvement in the merger negotiations as an adviser to both Archipelago and the NYSE. The Wall Street firm brought Archipelago public in August of last year, receiving $1.7 million in fees. Goldman, an early investor in the all-electronic market, also owns 15.5 percent of the company's outstanding shares.

On the NYSE side, Chief Executive John Thain is a former Goldman executive who oversaw the firm's investment in Archipelago, Archipelago CEO Jerry Putnam told The Associated Press in an interview last week. And Goldman Sachs Chairman Henry Paulson Jr. was an NYSE board member until late 2003.

The Journal also reported that Langone and other seat holders may seek controlling interest in Archipelago as a way to derail the merger...

http://story.news.yahoo.com/news?tmpl=story&cid=509&ncid=749&e=2&u=/ap/20050424/ap_on_bi_ge/nyse_langone

Ideological stormfront brewing here...Langone is a member of the "bipartisan" Center for Strategic and International Studies :sarcasm:

When the sale to Archipelago was first mentioned last week, I did a donor search and found a bunch of Democratic donations from these guys.

Langone, on the other hand, is repuke through and through and is enlisting solid red outfits like Merrill-Lynch, Bear Stearns Cos. Inc., JPMorgan Chase & Co., and Lehman Brothers Holdings Inc. to his army in this battle for control of your 401k's "with nearly all of them willing to discuss the idea further".

This will be big, folks...stay tuned.

[pilgrimsoul]

1. So is this essentially a battle over

who gets to manipulate the markets and in which direction they get manipulated? Or is there a lot more to it?

[Career Prole]

2. More like a battle between modeling the Big Board after NASDAQ

or putting the wolves in charge of the sheep.
I really don't think I'm being over-dramatic either.

Langone is already a target of Eliot Spitzer, and was part of shrub's meeting of "economic advisers" which was a who's who of shrub top donors. Ken Lay was one of the other "advisers". :eyes:


"Langone was named along with Grasso in a civil lawsuit filed last year by New York Attorney General Eliot Spizter, who is seeking $12 million in damages from Langone for allegedly misleading his fellow board members about the scope of Grasso's pay."

[nashville_brook]

3. given this comes on the heels of the proposed *Sunset Commission*

"which will give the president the power to appoint an eight-member panel called the "Sunset Commission," which would systematically review federal programs every ten years and decide whether they should be eliminated," this would amount to a complete republican takeover of our economic life. as if shit weren't bad enough -- nominated -- and check out

Bush's Most Radical Plan Yet
With a vote of hand-picked lobbyists, the president could terminate any federal agency he dislikes , by Osha Gray Davidson, on common dreams

http://www.commondreams.org/views05/0423-21.htm

i know i can't be the only one who feels the hot breath of corporatism mixing with the oder of christian fascism. stories like this strike a nerve b/c they reveal their strategy is on a fast track they can win only as long as this stuff happens fast and without reflection. it's end run time.

[Career Prole]

4. This is going to be something to watch, and closely.

I felt a deep disturbance in the Force when I saw the headline, and when I saw who Langone went to, my fears were confirmed...you're not at all the only one feeling "the hot breath of corporatism".
This country, this particular form of government despite its exemplary constitution, is by no means safe from forces outside the government. Especially when criminals within the government aid and abet.

And why drop the story on a Sunday?

Should be an interesting week.

[liberalla]

11. And why drop the story on a Sunday?

Indeed!

Thanks for posting this.

[bemildred]

5. A dispute about power and money in the ruling class.

Get some popcorn.

[Career Prole]

6. Imagine what could happen if the black box voting guys get

their hands on an electronic NYSE. We'd never know they were skimming until the money-lenders bought naming rights for the Capitol.

[bemildred]

7. The game is and always has been thoroughly rigged.

This is a dispute among the thugs over who controls the money river.

[Eloriel]

9. Yeah, like you said: get the popcorn

That's about all we'll be able to afford by the time they're through.

:evilgrin:

But it sure should be interesting in the meantime.

[bemildred]

10. Actually, this could keep them distracted.

And they might have to compete (shock, horror) for business.
I know there was deep consternation in the traditional exchanges
when the on-line trading services started taking their business.
This is an attempt to buy into the new media. But the internet
cannot be dominated in the way a physical exchange can. It's
going to be a very interesting show, and no way is it good for the
old trading houses and market makers. Whether it's good for you
and me remains to be determined.

[Career Prole]

8. kick!

:kick:

[Career Prole]

12. kick!

:kick: