Missing Dick Grasso
Sunday, October 19th, 2003The New York Times hits new lows in photo illustration today with a Swiftian nod gone awry. For a greater sense of visual horror, an enlarged version is also available. No wonder there's no one's name in the credit. One of the little people is running into his foot!
But this reject from a Photoshop contest gets at something that's been on my mind recently. The New York Stock Exchange just isn't the same without Dick Grasso. For those of us who have to watch the opening bell every day, the thrill is gone.
Before Grasso was vanquished for his $140 million pay package, the former chairman of the NYSE was as close as the exchange came to having a public face. Every weekday morning on the cable news networks, you could count on seeing his bald head at 9:30 ET sharp. The opening bell was Grasso time.
Standing above the floor, if the celebrity bell-ringer didn't know which button to push, Grasso would point it out. If boardroom bell-ringers looked nervous, Grasso would guide them through. He and his merry band of market confreres set the tone for each market open, clapping and smiling as if they were out on the porch at F. Scott and Zelda's. Pour the champagne, the group always seemed to say, and raise your flute to the day's success.
I attributed all of this fabulousness back to the brilliantly bald head. Grasso's gleaming presence on the scene added airs of power and mystery each day, as if Kojak ran Fantasy Island and Fantasy Island was the NYSE.
But now he's gone, and cable news watchers are poorer for it. Those on the bell podium these days are anonymous in appearance, and NASDAQ has yet to step up their own soulless open — corporate bosses autographing an electronic board. With computers trading computer stocks, NASDAQ remains the Nowhere Man of the markets.
I'm not one to comment on Grasso's chairmanship or the reasons for his firing. But for a quarter of a minute every morning, he was everything a viewer could ask for in financial news.
Even though his star has fallen, maybe he could host a game show. Or lead a PBS fundraising drive. But Mr. Grasso, wherever you are with your $140 million, I hope you're okay. The bell just doesn't ring the same without you. Who loves ya, baby?



