Accountability arrives on Wall Street … for botched technology

Nasdaq CEO and tech exec see bonuses reduced over Facebook IPO fiasco

greifeld

Wall Street executives may be able to avoid accountability for just about everything, but just about everything does not include failing to properly oversee those who manage the technology upon which investors depend.

Translation: Because of the technology snafus that marred the Facebook IPO and caused millions of dollars in broker and investor losses, Nasdaq CEO Robert Greifeld has seen his 2012 bonus reduced by $542,100, while Anna Ewing, Nasdaq's top technology executive, saw hers cut $263,625.  

Obviously, Greifeld and Ewing are not in the category of executive normally associated with Wall Street negligence, malfeasance and fraud. They run a stock exchange, not an investment company.

However, the Nasdaq board of directors in levying these bonus reductions against Greifeld and Ewing has at least shown Wall Street regulators, Congress and the Obama Administration a little something about holding people accountable: It can be done.

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