| 00:27:12 |
Unidentified Speaker, -
THE NASDAQ BOARD? >> WELL, TO BE FAIR, WE DON'T HAVE THAT KIND OF SITUATION WHERE WE HAVE THESE INSTRUMENTS ON OUR BALANCE SHEET, WE'RE AN OPERATING...
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| 00:27:26 |
Unidentified Speaker, -
ALL IN CORPORATE AMERICA GOING THROUGH A LEARNING
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| 00:27:28 |
Unidentified Speaker, -
CURVE AND THOSE DIRECTLY INVOLVED WITH THIS PROCESS WILL COME OUT OF
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| 00:27:32 |
Unidentified Speaker, -
IT WITH A DIFFERENT VIEW OF HOW
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| 00:27:34 |
Unidentified Speaker, -
TO COMPENSATE. >> YOU TALKED A LITTLE BIT ABOUT THE STIMULUS PLAN. IS 750 BILLION ENOUGH, WHAT DO YOU THINK OF THE DIVISION OF ROUGHLY HALF FOR TAX CUTS...
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| 00:27:56 |
Unidentified Speaker, -
PROJECTS? >> IT'S IMPOSSIBLE TO KNOW WHAT THE RIGHT NUMBER IS AND WE HAVEN'T SEEN ANY OF THE DETAILS OF THE PLAN. I THINK PRESIDENT-ELECT SPOKE TODAY...
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| 00:28:19 |
Unidentified Speaker, -
BIPARTISAN SUPPORT, IT'S A SOLID APPROACH. BUT THE ULTIMATE NUMBER WE NEED, I DON'T KNOW. >> IS THAT INCHING TOWARD A TRILLION -- DOES THAT INCHING...
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| 00:28:46 |
Unidentified Speaker, -
THE U.S. DOLLAR AND INTEREST RATES DOMESTICALLY AND INTERNATIONALLY IN THE NEXT 3-5 YEARS? >> YOU CAN BRING UP
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| 00:28:54 |
Unidentified Speaker, -
YOUR CRYSTAL BALL. >> THAT'S MULTIPLE
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| 00:28:56 |
Unidentified Speaker, -
CRYSTAL BALLS. I THINK IT'S CERTAINLY ENCOURAGING
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| 00:28:59 |
Unidentified Speaker, -
TO SEE THE LIBOR RATES AND HOW THEY'VE COME DOWN AND WE DO SEE THE WHEELS OF THE FINANCIAL SERVICES INDUSTRIES STARTING TO WORK, SO THAT'S A POSITIVE...
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| 00:29:14 |
Unidentified Speaker, -
THE ADVANTAGES I HAVE AS THE CEO OF
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| 00:29:16 |
Unidentified Speaker, -
NASDAQ IS TO TALK TO MANY, MANY CEOs, AND MOST OF THE CEOs ARE IN WHAT WE CALL THE REAL ECONOMY AND IT'S INTERESTING THAT ONCE -- YOU HAVE TO BE FUNDAMENTAL...
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| 00:30:36 |
Unidentified Speaker, -
BUT AGAIN, THESE COMMENTS ARE IN THE SHORT TERM. AND SO CLEARLY, '09
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| 00:30:41 |
Unidentified Speaker, -
IS GOING TO BE A DIFFICULT YEAR. YOU'VE REFERENCED THE UNEMPLOYMENT RATE, THAT NUMBER IS LIKELY TO GO HIGHER. BUT WE'RE THINKING ABOUT
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| 00:30:48 |
Unidentified Speaker, -
WHAT WAS THE FRANCHISE, AND WHERE DO WE
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| 00:30:51 |
Unidentified Speaker, -
LOOK OVER THE IMMEDIATUM AND LONG TERM. SO THAT'S WHERE SOME OF THE OPTIMISM COMES FROM. THE ONLY THING I'LL ADD, WE HAVE A CONTINUE STRONG BACKLOG...
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| 00:32:00 |
Unidentified Speaker, -
MOST AGGRESSIVE YOU CAN HOPE FOR RIGHT
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| 00:32:05 |
Unidentified Speaker, -
NOW. THERE ARE DIVESTIBLE ASSETS IN CASH THAT THEY WANT TO INVEST AND YOU'VE GOT A NUMBER OF COMPANIES THAT SAY I'VE GOT A GOOD BUSINESS MODEL I SHOULD...
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| 00:32:45 |
Unidentified Speaker, -
TOGETHER? >> WELL, ONE IS A NEW ADMINISTRATION COMING IN HAS GOT THE HIGHEST BULLY PULPIT IN THE LAND, AND A GREAT SENSE OF OPTIMISM, PARTICULARLY I...
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| 00:33:08 |
Unidentified Speaker, -
PLACE, MENTALLY, SOONER THAN YOU MIGHT THINK, AND THAT WOULD BE OUR HOPE. >> WAS THE BAILOUT OF THE AUTO INDUSTRY, IS THAT A GOOD IDEA? AND IF SO, WHAT...
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| 00:33:37 |
Unidentified Speaker, -
THEM A FIVE LINE FOR A PERIOD OF MINUTES AND PUNTED IT FROM ONE WATCH TO THE OTHER WATCH TO MAKE A DECISION. I WOULD JUST SAY THAT THERE IS PROBABLY...
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| 00:33:50 |
Unidentified Speaker, -
WOULD BE HARD TO CONCEIVE THAT WE NEED THREE AUTO COMPANIES IN THE WORLD THAT WILL EXIST FOR THE YEARS TO COME, THERE'S SO MUCH EXCESS CAPACITY IN THAT...
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| 00:34:28 |
Unidentified Speaker, -
IS TOO MANY IN MY PERSONAL OPINION. YOU WILL NOT HAVE THE
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| 00:34:31 |
Unidentified Speaker, -
OUGHT --O THE MARKET
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| 00:34:32 |
Unidentified Speaker, -
DEMAND FOR THREE AUTO COMPANIES ON A SUSTAINING BASIS AND THAT'S THE REALITY. >> SO IS IT BAD PUBLIC POLICY, THEN, TO HELP THEM LONGER THAN WE ARE?...
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| 00:34:45 |
Unidentified Speaker, -
ARE THERE OTHER QUESTIONS THERE? THERE'S OTHER QUESTIONS THERE! CERTAINLY IF I BELIEVE THREE IS TOO MANY, WHY WOULD WE SPEND
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| 00:34:58 |
Unidentified Speaker, -
TAXPAYER MONEY SUPPORTING ALL THREE, SO COLD-HANDED CAPITALISM HAS TO WORK AT SOME POINT AND TO THE EXTENT WE EXTEND IT OUT, THEN WE'VE WASTED MONEY.
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| 00:35:07 |
Unidentified Speaker, -
IS THAT GOOD ENOUGH? >> THAT WAS WHAT WE WERE LOOKING FOR, THANK YOU. NOW THE EASY ONES. HOW WOULD YOU ACREST CHRIS COX'S TEN YEARS AT THE SEC? >>...
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| 00:35:29 |
Unidentified Speaker, -
A COMMISSION THAT THAT HAD INTERNAL DISSENSION THROUGH THE ORGANIZATION AND I THINK CHRIS DID A VERY GOOD JOB OF BUILDING CONSENSUS AND FOCUSING ON...
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| 00:35:39 |
Unidentified Speaker, -
WERE THE PROBLEMS AT THE TIME HE GOT
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| 00:35:42 |
Unidentified Speaker, -
THERE. MY VIEW OF THE SEC, INDEPENDENT OF CHRIS' TENURE BUT FOR A LONG PERIOD OF TIME WAS NOT AN AGENCY THAT WAS FOCUSED ON FUNDAMENTAL OR SYSTEMIC...
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| 00:36:53 |
Unidentified Speaker, -
FINANCIAL REGULATION IN THIS COUNTRY, IT'S NOT SO MUCH MARY'S DECISION, IT HAS TO COME FROM CONGRESS.
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| 00:37:02 |
Unidentified Speaker, -
IN TERMS OF YOUR DIRECT QUESTION, GIVEN HER RESPONSIBILITY AS HEAD OF THE SEC, ASSUMING SHE'S CONFIRMED, I THINK SHE'S UNIQUELY QUALIFIED TO RUN THAT...
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| 00:37:40 |
Unidentified Speaker, -
SYSTEMIC? >> WELL, I AGREE. WE'RE DEFINITELY CALLING FOR SYSTEMIC CHANGE. THE THING THAT I TALKED ABOUT IN THE SPEECH IS THE SEC AND CFTC COMING TOGETHER...
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| 00:38:01 |
Unidentified Speaker, -
REGULATOR CHARTED WITH INVESTOR PROTECTION, YOU HAVE TO CREATE A REGULATORY PARADIGM THAT TALKS ABOUT THE FUNCTIONS AS OPPOSED TO THE PARTICULAR DEPARTMENT....
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| 00:38:53 |
Unidentified Speaker, -
VARIOUS REGULATORY BODIES AND I THINK, AGAIN, LOOKING FOR BENEFITS COMING FROM THE CREDIT CRISIS, YOU'VE SEEN PEOPLE ON AN AD HOCK BASIS DEVELOP WORKING...
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| 00:39:57 |
Unidentified Speaker, -
BOTH PRESIDENTIAL CANDIDATES AND I THINK OBAMA IN PARTICULAR IS SUPPORTIVE OF SOME KIND OF CAP AND TRADE EMISSION PLAN AND THAT WOULD BE THE CRUCIBLE...
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| 00:40:35 |
Unidentified Speaker, -
IS IN EUROPE. >> WHY CAN'T PEOPLE TRADE STOCKS 24 HOURS A DAY,
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| 00:40:42 |
Unidentified Speaker, -
WHY ARE THE STOCK MARKETS IN THE U.S. EFFECTIVELY OPEN FROM ONLY 9:30 TO 4:00? >> IT'S OUR COMMERCIAL INTEREST THAT PEOPLE WOULD TRADE STOCKS 24 HOURS...
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| 00:41:00 |
Unidentified Speaker, -
INTERESTING, WE AS THE EXCHANGE HAVE BEEN TRYING TO EXTEND THE TRADING HOURS FOR OVER A DECADE NOW AND IT HASN'T WORKED, SO OUR SYSTEM IS OPEN, 6:00...
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| 00:41:08 |
Unidentified Speaker, -
THE MORNING, TO 7:00 AT NIGHT, BUT THE TRADING IS CONCENTRATED AROUND 9:30 TO 4:00 AND THIS SEEMS LIKE SOMETHING OUT OF THE STONE AGE BUT IT GETS BACK...
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| 00:42:23 |
Unidentified Speaker, -
THE FIRST ARTICLE OF CLARIFICATION WAS BACK IN 1990 THE NASDAQ WAS A PART OF THE NASD AND THE NASDAQ BOARD WAS AN ADVISORY BOARD COMMITTEE TO THE NASD...
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| 00:42:45 |
Unidentified Speaker, -
COUPLE OF DAYS AND I'M TALKING AS A READER OF THIS INFORMATION AS YOU WOULD BE, AS FASCINATING, IN THAT THEY WERE INVESTIGATED EIGHT TIMES IN 16 YEARS,...
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| 00:43:47 |
Unidentified Speaker, -
YOU'RE SELF-CUSTODY AND SELF-CLEARING, THE THING WAS ENGINEERED TO BE A FRAUD FROM THE GET-GO, SO THE MYSTERY WILL BE WHY DIDN'T THE SEC GET ALERT...
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| 00:44:01 |
Unidentified Speaker, -
FUND TO FUNDS WHICH ARE EARNING THEIR MONEY THROUGH DILIGENCE NOT FIND OUT. [INAUDIBLE] >> I DON'T HAVE THE ANSWER RIGHT NOW, BUT CERTAINLY WITH THE...
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| 00:44:33 |
Unidentified Speaker, -
FIND IT HAD TO BE MORE DIFFICULT THAN WE MIGHT IMAGINE HERE. YOU STAND HERE TODAY AND SAY IT LOOKS SO SELF-APPARENT, BASED ON SELF CUSTODY, SELF CLEARANCE,...
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| 00:45:13 |
Unidentified Speaker, -
RETURNS WERE NOT WHAT THE NORMAL MARKET WOULD ALLOW YOURSELF TO DO AND FOR A --
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| 00:45:21 |
Unidentified Speaker, -
I DON'T THINK HE HAD MANY CASUAL INVESTORS, IT NOT ALL, I THINK IT WOULD BE VERY TOUGH, AND AGAIN, I HARP BACK TO THE FACT YOU HAD VERY SMART PEOPLE...
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| 00:46:14 |
Unidentified Speaker, -
AND WITH RESPECT TO THE FEES THAT MUTUAL FUNDS CHARGE, THERE'S PLENTY OF COMPETITION IN THAT SPACE, AND I THINK THE MARKET WILL REVEAL WHAT'S
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| 00:46:25 |
Unidentified Speaker, -
PROPER. >> THE
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| 00:46:33 |
Unidentified Speaker, -
QUESTIONER SAYS WHY WOULD ANYONE INVEST IN THE STOCK MARKET AFTER THE LOSSES WE'VE EXPERIENCED OVER THE PAST YEAR? >> I THINK THIS ANSWER IS THE SAME...
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| 00:46:54 |
Unidentified Speaker, -
MISPRICED AT THIS POINT IN TIME. NDAQ WOULD BE ONE OF THEM. SO I WOULD HAVE TO ASK THE CEO TO
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| 00:47:01 |
Unidentified Speaker, -
BUY NDAQ BUT THE DISCIPLINES YOU PUT IN PLACE WITH HOW YOU INVEST YOUR HARD-EARNED MONEY ARE THE DISCIPLINES YOU PUT IN PLACE, REGARDLESS OF THE GOOD...
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| 00:47:45 |
Unidentified Speaker, -
A MINUTE OR LESS THAN THAT. SO WHAT WE'RE SAYING IS IF I WAS SITTING THERE AS I'M A FINANCIAL SERVICES EXECUTIVE AND I HAVE MY RISK MANAGEMENT PEOPLE...
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| 00:48:03 |
Unidentified Speaker, -
AMOUNT, YOU'RE NOT IN A POSITION AS A CEO TO REALLY GET INTO THE DEPTHS OF THE DIFFERENT MODELS FOR THE RISK OR WHAT THE TRUE VALUATION IS, RIGHT, YOU'VE...
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| 00:50:25 |
Unidentified Speaker, -
PLANS ARE PROBABLY COMING TO THE ANNOUNCEMENT BUT WE JUST DON'T KNOW. >> THE QUESTIONER SAYS HOW MUCH OF THE INTEREST RATE SWAP MARKET DO YOU THINK...
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| 00:50:38 |
Unidentified Speaker, -
BE DIRECT, ONE OF THE REASONS THAT YOU DON'T HAVE OVER THE COUNTER MARKETS GOING TO EXCHANGE MARKETS IS THAT THE SPREADS ARE INCREDIBLY WIDE IN AN...
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| 00:50:51 |
Unidentified Speaker, -
THE EXCHANGE, SPREADS COLLAPSE QUITE DRAMATICALLY. THE VOLUME INCREASES, SO THE PIE GETS LARGER, BUT THE SLICE YOU
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| 00:50:59 |
Unidentified Speaker, -
GET PER TRANSACTION GOES DOWN DRAMATICALLY, SO IN A REAL SENSE, IF YOU WANT TO POINT BACK TO THE CEOs OF THE CORPORATIONS TO GREED, PART OF THAT IS...
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| 00:52:55 |
Unidentified Speaker, -
OF TIME AND IT'S GOING TO BE INTERESTING TO SEE IF THE MODEL ACTUALLY WORKS IN A DOWN OR CHOPPY MARKET, RIGHT, SO YOU HAVE HEDGE FUNDS THAT ARE UNIFORMLY...
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| 00:53:06 |
Unidentified Speaker, -
MARK, AND THEY DON'T GET THE 20 PERCENT UNTIL THEY GET BACK OVER THE HIGH WATER MARK, AND TO THE EXTENT YOU'RE A LARGE PERCENTAGE AWAY FROM THE HIGH...
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| 00:54:22 |
Unidentified Speaker, -
TO INVESTORS, BECAUSE IF WE DO DELIST A COMPANY AND WE DELIST WHAT IS FUNDAMENTALLY A GOOD COMPANY, JUST VICTIMIZED BY UNCERTAIN ECONOMIC TIMES,
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| 00:54:31 |
Unidentified Speaker, -
THE VALUE OF THAT COMPANY GOES DOWN DRAMATICALLY AND MOST IMPORTANTLY THE LIQUIDITY GOES DOWN DRAMATICALLY SO IT MAKES IT VERY HARD FOR INVESTORS TO...
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| 00:55:25 |
Unidentified Speaker, -
2008. >> WILL YOU MAKE A SECOND ATTEMPT TO BUY THE LONDON STOCK EXCHANGE? >> YOU KNOW, WE'RE HAVING A LOT OF FUN RIGHT NOW, TRYING TO COMPETE WITH...
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| 00:55:40 |
Unidentified Speaker, -
IN EUROPE, X NUMBER OF MONTHS AGO. AND WHAT'S ALWAYS INTERESTING AND IT'S A STATEMENT ON HUMAN PSYCHOLOGY, IT'S PROBABLY THE HIGHEST POINT OF MORALE...
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| 00:55:49 |
Unidentified Speaker, -
IT'S A SMALL GROWTH ORGANIZATION, AND THEY SET
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| 00:55:53 |
Unidentified Speaker, -
TRADING VOLUME RECORDS LIKE EVERY OTHER DAY, IT'S ON A VERY LOW BASE, OBVIOUSLY AS WE TRY TO COMPETE WITH LSC AND OTHER EUROPEAN EXPANSION, SO WE BROUGHT...
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| 00:56:30 |
Unidentified Speaker, -
ON JANUARY 23RD, SENATOR MITCH MCCONNELL WILL DISCUSS THE AGENDA FOR THE 111TH CONGRESS, ON FEBRUARY 13 -- TENTH, DOLLY PARTON, A GRAMMY AWARD WINNING...
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| 00:57:08 |
Unidentified Speaker, -
OBVIOUSLY, HAVING A FAIR INVESTMENT IN
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| 00:57:11 |
Unidentified Speaker, -
NDAQ, AND, YOU KNOW, WE DIDN'T HAVE THE BEST OF YEARS WITH RESPECT TO OUR STOCK PRICE, OPERATIONALLY, WE DID WONDFULLY, AND THAT --
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| 00:57:20 |
Unidentified Speaker, -
WONDERFULLY AND THAT TIES BACK TO MY COMMENT WITH RESPECT TO OTHER CEOs. WHEN I LOOK AT THE OPERATIONAL PERFORMANCE AND
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| 00:57:26 |
Unidentified Speaker, -
HOW WE GREW, OUR EARNINGS IN 2008 WAS CLEARLY REMARKABLE, THE EXPENSE SYNERGIES WERE BETTER THAN WE EVER COULD HAVE DREAMED THAT WE GOT IN THE TIME...
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| 00:58:22 |
Unidentified Speaker, -
SATELLITE RADIO AND AVAILABLE FOR FREE DOWNLOAD ON I TUNES. YOU MAY PURCHASE TRANSCRIPTS AND VIDEOTAPES BY CALLING 202-OF SIX -- 202-662-5958. VISIT...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.