Sunday, February 20

Wall & Broad

The New York Post speculates on when the NYSE temple of democracy at Wall & Broad--across the street from the same building where George Washington took the oath of office--will get turned into a decadent nightclub:

We always joke saying that the exchange would make a great bowling alley one day,' said Bill McGowan, managing director of Interactive Brokers, a firm whose business model embraces electronic-trading technology.

Reminds me of what I consider the quote of the year last year in our paper: the guy contracted to build remote trading technology for the Iraq Stock Exchange told our reporter, "Hey, if there's no physical trading floor, there's nothing for the terrorists to blow up!"

My cynical private response: Yes, so the Kuwaitis can loot the country without getting themselves blowed up!

The problem is that some poor bastard has to do get his boots dirty cranking open the pipeline valves, fixing the electricity grid, and patrolling the desert for saboteurs, or else you'll be remotely trading subpenny stocks more valuable as toilet paper.

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