Day: September 19, 2003

This article from Forbes gives a good explanation of what Richard Grasso did at the NYSE in exchange for his $140 million paycheck.

A recent story in the New York Times discusses the old story of Saudi oil money financing Palestinian terrorism.  What’s new is the revelation of the size of Hamas’s budget: $10 million per year.  Hamas is probably the world’s most successful Islamic political organization, delivering on its goals (see my Israel Essay for some quotes from their old Web site), admired by hundreds of millions of people worldwide, and a constant presence on the world’s TV screens and front pages.

By contrast, consider this story on Richard Grasso, who got his buddies on the board to pay him $140 million for his work as a manager at the New York Stock Exchange, 14 times the total annual budget for Hamas.  Hamas had to start their enterprise from scratch and develop it in the face of opposition from the heavily armed Israel Defense Forces.  Grasso inherited a #1 position in a market with little competition and a smoothly functioning organization.  Members of Hamas risk their lives every day in their efforts to kill Jews and eliminate the State of Israel.  Grasso took no personal or financial risks, only showed up every day and collected a paycheck once every two weeks.

It seems that Grasso has now resigned and the NYSE is casting about for his replacement.  Why not draft some managers from Hamas to head up the NYSE?  With a tiny percentage of the budget that Grasso required for personal walking-around money, Hamas is steadily defeating a state of 6 million people.  Imagine what these men could do for the NYSE.  The AMEX and the NASDAQ would be liquidated (perhaps literally).

[Some might take issue with the implication that Hamas is more successful than Osama bin Laden’s Al-Qaeda.  Al-Qaeda has managed to kill more infidels, notably in the September 11, 2001 attacks, and has widespread popular support worldwide.  Hamas, however, has managed to preserve effective sovereignty in its territory while Al-Qaeda provoked a U.S. invasion, indiscriminate bombing, and the killings of many thousands of its members.]