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CNBC's Street Signs Recap Nov. 14th
2007-11-15 18:43:00 Erin Burnett began Wednesday's show discussing NYSE CEO John Thain going to Merrill. Charlie Gasparino of CNBC says, for John, it will be a huge undertaking and may have to lay some people off in the beginning. Merrill Lynch is refusing to confirm or report on the new CEO. Dennis Kneale of CNBC says NYSE president Duncan Niederauer will also become NYSE CEO. Niederauer says that electronic stock trading without human intervention is still questionable as the best model for trade. He will be working for a model of 21st century trading in months to come. Next, Tracy Krohn of W&T Offshore (WTI) says that he and his company are focusing on the Gulf of Mexico. W&T Offshore has interests in over 2 billion acres of natural resources. 65% of W&T's reserves are developed and 55% of them are natural gas reserves. They also have 200 exploration fields in federal and state waters, and say if there is a change in the eastern seaboard drilling restrictions W&T will be prepared. ...
By: Jim Cramer Blog
John Thain is now Merrill Lynch's (MER) CEO
2007-11-15 00:00:00 Merrill Lynch & Co. said Wednesday it has tapped New York Stock Exchange head John Thain to lead the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses.Thain, 52, has been selected to become Merrill's next chairman and chief executive officer. His appointment comes just two weeks after the ouster of Stan O'Neal as Merrill reported a $2.24 billion loss during the third quarter, the largest in its 93-year history.The New York Stock Exchange said Wednesday that it named Duncan Niederauer chief executive. Niederauer, 48, joined the NYSE in April after serving as co-head of equities trading at Goldman Sachs.Thain's first day as Merrill's new chief is Dec. 1.Thain was able to place a tourniquet on the Grasso scandal while at the same time succeeding in remaking the Big Board into a for-profit exchange. He took the company public last year, following a merger with Archipelago, and guided it through its merg...
By: Jim Cramer Blog
NYSE Euronext Inc. (NYX) Looses John Thain
2007-11-14 21:08:00 Merrill Lynch & Co. has tapped New York Stock Exchange head John Thain to lead the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses, according to published reports Wednesday.The Wall Street Journal and the New York Post are reporting that Thain, 52, has been selected to become Merrill's chairman and chief executive. There were reports that NYSE's board met during the day, and that an announcement could come later this afternoon.Spokesmen for the NYSE and for Merrill declined to comment.Thain, who is credited with remaking the NYSE into the world's first truly global exchange, is no stranger to the investment world. He started out on the bond desk at Goldman Sachs Group Inc. and left the firm as its chief operating officer.
By: Jim Cramer Blog
John Thain Merrill Lynch CEO?
2007-11-14 20:38:00 John Thain Merrill Lynch CEO? That is what news reports are flashing across the country. John Thain has apparently accepted the job as the new CEO of Merrill Lynch. John Thain is currently the NYSE Euronext CEO. The public announcement is expected to come as earlier as Wednesday afternoon. It seems to be good news for ...
By: TheNewsLeak
John Thain
2007-11-14 19:55:00 John A. Thain, chairman and chief executive of NYSE Euronext, former co-president of Goldman Sachs, is the new chief executive of Merrill Lynch! While many expected Laurence D. Fink would nab the job, Thain has gotten it, reports the NY Times moments ago. Thain was up for both Citigroup and Merrilll. Thain replaces E. Stanley O?Neal, kicked out recently after a $2.3 billion loss, an $8.4 billion write-down and an unauthorized merger approach to a rival bank, Wachovia. In January 2004, Thain became chief executive of the stock exchange replacing Richard A. Grasso. |
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