Friday, March 23, 2007

The Media Fumbles on Amex

I wasn't expecting page-one coverage of the SEC's soba-noodle slap yesterday at the American Stock Exchange, which it essentially found was an utter failure at supervising its floor brokers. But I thought it was pretty startling how little attention that it received.

The New York Times totally ignored the story. Not even a news brief. (The Post's Roddy Boyd had a pretty good wrapup, by contrast.) The Wall Street Journal ran a story on page C5 (subscription only, so I won't bother to link) describing how the ex-CEO, Salvatore Sodano, was being pursued for not doing a great job at the Amex. But the central issue, that the Amex is an absolute joke, received short shrift.

Now, I must say, it is interesting that Sodano is dean of the Frank G. Zarb School of Business at Hofstra University. I didn't even know there was a Frank G. Zarb School of Business. But.... what about the Amex? Isn't it doing a lousy job? Shouldn't it be... well, maybe shut down?

Just asking. What I do know is that it's not every day that an entire stock exchange is found to be a complete failure. Isn't that news?

© 2007 Gary Weiss. All rights reserved.


Wall Street Versus America was published by Penguin USA on April 6.
Click here for its listing and here for more information on the book, from my web site.

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