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April 25, 2005
Hell hath no fury like a banker scorned
A bunch of New York Stock Exchange insiders, led by former NYSE Chief Executive Richard Grasso and Home Depot co-founder Ken Langone, could be putting together a rival bid to head off any attempt by the NYSE to merge with Archipelago, says the New York Post. From the article, it sounds like the bid is motivated as much by bad blood between these executives and Goldman Sachs than by any real desire to create shareholder value or improve the efficiency of the open-outcry auction model.
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