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From CNBC and wire reports The battle-weary New York Stock Exchange won praise with its weekend choice of a new interim chairman. It also saved some money. Former Citigroup (C, news, msgs) co-chairman John Reed will take over for ousted Chairman Richard Grasso, who resigned amid controversy over a compensation deal that totaled more than $140 million. Reed's pay: $1 per year. Reed told reporters in a conference call that he expects to stay just a few months and isn't in line for the permanent job. "“Over the last couple of weeks, we’ve had some failures at the governance level,” Reed said, according to an Associated Press report. “I have seen crises that are quite comparable to the one the exchange has gone through,” he said. “It didn’t help anybody. It didn’t help the people that were involved. It didn’t help the exchange.” An NYSE outsider Reed, 64, retired from Citigroup three years ago after losing a battle for control to Sandy Weill and former Treasury Secretary Robert Rubin. Yet despite a career at a major New York bank, new reports portray him as a virtual outsider at the exchange.
Approximate Word count = 713
Approximate Pages = 2.9
(250 words per page double spaced)
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