By Bill Raack, KWMU
St. Louis, MO – The dean of the Washington University School of Law says the board of the New York Stock Exchange should use the resignation of chairman Dick Grasso as an opportunity to resolve other issues.
Joel Seligman says Grasso's resignation Wednesday was not a complete surprise. And he says it highlights some questions about how the Stock Exchange should be regulated, Should there be a separation of the regulatory functions from the exchanges, the way the NASDA stock exchange was divided during the 1990's? Second, who should be on the board? How much public representation? Third, should the president or chair have a role in nominating people to be on the compensation committee?
Seligman says there should be careful study and thoughtful deliberation before naming a new chairman and addressing the problems. He appeared on NPR's Morning Edition today.