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FBN’s Charlie Gasparino on the NYSE saying Nasdaq’s Facebook plan to compensate investors is anti-competitive.
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Charlie got it and it is right here in -- in New York Stock Exchange has released a statement to you.
We believe the nasdaq's plan is wholly inconsistent -- fair -- there you go the anti competitive.
Read -- write off the screen and an undue burden on the competition to eleven now has that he's pricing and other mechanism.
Machinations where there's a three -- word for you.
As -- price for fairly compensating those impacted by the FaceBook IPO issues that's the -- of it what they're saying is essentially.
This is bomb this is anti competitive we're against it.
And I do know that here we go this is ten about that this isn't just the Israel I'd say where it's okay are these does this country -- -- is tantamount.
To forcing the industry to subsidize.
Nasdaq's missteps.
And would establish a harmful president -- -- -- that I could have far reaching implications for the market investors and the public interest.
We intend to -- -- our views that NASDAQ proposal cannot be allowed to permit an unjust anti competitive situation.
The Fox Business Network was forced to break this all day long.
Here we go this is war baby war I mean this is a pretty pretty fascinating statement.
It sounds to me and this is what I know behind the scenes but this -- say.
You weren't watching Fox Business you were you were just like surmise from this you can fairly you can you know ascertain that.
They're gonna take maybe they'll sue I do know from my sources over there.
That they are gonna go to the securities exchange commission OK -- that's what I was gonna ask so they take it up with the SEC when they say we intend to strongly -- our views right nasdaq's proposal cannot be allowed to permit.
And I'm just an anti competitive situation they go straight to Mary Schapiro I think you did YouTube -- the -- now remember these are these exchanges are highly regulated like -- is free markets and unit you're allowed to not your father you can do whatever you know do whatever you want to within the free market system.
You know let me see you rose yes you know if I -- I -- And it read that letter from my wife company -- -- The the the -- you're allowed to like you know cut your prices.
There is a question though and wouldn't wouldn't such price gouging or price you know.
You know cutting prices so much leads to an anti competitive environment.
And that's where regulators get involved and if you think about it free market couldn't you like trying to he's -- These -- business more business but think about what you don't know what they're gonna what they're gonna be -- Is there going to be arguing that they are.
Lowering their fees to Haiti to pay off investors and making money at the same test -- -- going to be driving all the traffic to those and I expect a strong.
Sort of you know stood strong stance by the NYSE to the Securities and Exchange Commission.
I expect backs the other sort of exchanges that the exchange -- a pull the idea what they are fairly big.
Electronic exchange to weigh in on this as well this is going to be a big issue I don't think I said earlier.
Bob Wright field as the biggest -- -- on Wall Street to be doing this if he really wants -- pay back people.
Really want to make investors whole you don't say I'll give you 10% in could you imagine if Exxon right.
After the Valdez oil spill you know want.
People in Alaska where we're just you know just destroyed by this we're gonna given what.
Ten cents or fund on the gallon gasoline everybody get their hands and part I -- -- -- buzzing about this right now on the floor of the New York Stock Exchange --
