Saturday, September 20, 2003

Dick Grasso's Departure

The spectacle of NYSE board member and J.P. Morgan Chase CEO William Harrison presiding over Mr. Grasso's dismissal is also richly ironic. Whatever Mr. Grasso's mistakes, the NYSE didn't aid and abet Enron's deceptions as a recent SEC settlement shows that Morgan Chase clearly did. Yet Mr. Harrison continues to run his bank. Perhaps Mr. Grasso had to go because his pay reminded too many people of these and other genuine business sins. -- From The Wall Street Journal Editorial Page of Thursday, 18 September 2003