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Much learned green.
So Bob -- -- that defending his plan to compensate investors jilted in the FaceBook IPO debacle.
But it's enough to satisfy critics who not only want more money but also want him booted from his role as NASDAQ CEO who else -- Charlie Gasparino.
Has the latest on this.
I think we should allow Bob Wright field to defend what he did in his own words we did this we ran into debate was given a speech at the -- -- conference.
That's a big brokerage firm mean he really didn't address the main concern that the forty million dollars of these laid out is not enough police a lot of investors saying that.
We asked him if it was going to be enough and will he increased the amount of money given to investors based on the botched FaceBook IPO here's what he had to say.
The key point about the plan it is database right so we had the ability to rerun the cross.
With the every order coming into the way should've run compared debt to wait how we did run and the difference is what we address.
And so that's what we have to communicate communicate to everybody is no emotion to it is pure analysts pure databases what happened in all market.
Addressing every single order -- -- market it was not excluded them from right.
-- -- -- just said we have just done the analysis right so we've done all the analysis we've looked at everything that's happened we're addressing that.
It sells everything.
Well it's over Bob -- -- one we should point out that that was that after after the conference ended it's a topic tell my producer ran into men just.
Haven't asked the logical question which he didn't really -- -- -- just get a couple things here.
Right now at this conference -- -- gave a speech.
Basically defending not only the decision to give the forty million which a lot of people think is is is is -- not enough.
I'll also defended his role it's as as CEO of the NASDAQ so this interest that he is up against the -- he used this as an opportunity this this conference is an -- to defend.
His record he laid out some interest in metrics you know record earnings -- -- by the way.
Both companies to have record earnings -- companies generally grow you're here but they don't than their real trouble so it's not.
Exactly the greatest metric in the world but he did defend himself defend his tenure he did defend the plan.
I will say this and here's what I've been doing all all they calling people asking them if this is enough meaning -- people are investors -- market makers.
You know people like Tom Joyce at nights bed -- -- securities will tell you it is not one thing I hear from market makers investors.
This -- forty million dollars that's -- -- is not enough not only that.
Is a huge problem here much of this plan is not pure money give the people that lost based on the NASDAQ botched job on the F defense FaceBook IPO.
It is discounts and that's where this thing gets really tricky.
The New -- that you they're gonna have to file this the NASDAQ will this plan with the SEC that.
You would presumably there's going to be a common period in -- -- if there's not there's going to be lot.
And the major exchanges that are out there are going to oppose this thing.
Basically saying it's anti competitive there's no way the SEC should -- just sort of give discounts.
And basically bring all the order pretty clever from the other it is clever but it's it's it's duplicitous bring all the overflow.
Order flow from the other exchanges -- his exchange so maybe he doesn't lose money.
I mean this is the kind of thing that's gonna go on -- I will say this.
Experts that I talked he's -- lawyers and people that are in the market doubt.
That the SEC will allow us they think they're gonna they gonna step in and -- now and then it's back to the drawing board for -- I think what he should have done right off the bat.
Instead of waiting -- Reagan his feet and you know having a conference saying you know we got thirteen million is -- all the major players to the table.
And there are identifiable major players and say here's sixty here's fifty million.
You know how do we -- this is as much as we're gonna pay or can't come to some compromise this is not gonna work because I think -- -- to pay more -- yet they're gonna assume.
Is what he's not sound -- though it's easy to tell what people are owed because they tried to excuse to trade at you know at this point in time and then it was actually executed -- -- sort of quantify with the loss was.
And that's what we're going to fight back to people I -- -- sad I I think that's what he said but you know -- I mean yes he did essentially say -- son he also said you have a lot of things make sense it doesn't mean it's accurate but I'm just telling you that.
You know the bottom line is this if Tom Joyce is owed 35 an analyst Tom Joyce is -- and putting out public statement but it it puts an official statement out.
Knight securities that -- fizzled 35 million right at 49 close I mean yeah -- one assets one I mean you know the admit and I can't tell you what Bob Wright who's doing.
Is -- you know these guys are in the weeds of the stake in -- and they can explain markets you know better than than any of us know.
I just tell you that there's another side -- -- the other -- say in what he's doing is not just wrong.
It's not enough.
And I'll tell you at the notion that you know that that Exxon after the Valdez oil spill.
Can go and say okay Alaska you got screwed you know -- environment got destroyed.
Well we're gonna give every one of Europe of the of the people drive a truck and Alaska or call or anybody.
10% off on gasoline is in -- And that's tantamount to what he's doing here.
So that's why I don't think it's gonna -- that's -- Harvey Pitt doesn't think it's gonna.
-- you know former SEC chairman and longtime securities lawyer I've heard him speak about this -- a lot of people don't think it's gonna -- Charlie Gasparino -- atop a straight week.
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