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'Vinnie' comments enrage NYSE floor

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Floor denizens at the New York Stock Exchange are used to being called dinosaurs, anachronisms and colorful characters and the like. Certainly, enough 'end of an era' stories about them have been written. But do not refer to them as 'Vinnie.' Goldman Sachs partner Duncan Niederauer, who will become the president and CEO of the Big Board, has been in damage control mode due to his remark several years ago that he didn't want his stock handled by "five guys named Vinnie." He will likely apologize but the floor is getting worked up. Some think John Thain should withdraw his offer. This has happened before--recall that Jerry Putnam, formerly of Archipelago and now a top exec, once hired someone to write a song called "Joey the Specialist."

For more:
- here's the article from the New York Post

Comments

And the specialist system should end. Like Duncan said, nobody needs 5 guys named Vinny struggling to get their simple, listed equity buy or sell order executed. They add no value, if anything, they take away value - stealing from customers via interpositioning and trading ahead of the public.

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