New York Stock Exchange being sold to a German Company

[Kainos]

Talk about outsourcing.

The parent company of the New York Stock Exchange revealed Wednesday that it is in advanced talks to be purchased by the owner of the German stock exchange -- meaning that the citadel of American capitalism soon could be foreign-owned.

Following intensifying market rumors, as well as halting trading in its own stock, NYSE Euronext said it may sell itself to Deutsche Boerse. After trading in shares of NYSE Euronext resumed, the stock -- already up on the rumors -- climbed further. With about two hours left in the trading day, the stock was up $5.30, or 16%, to $38.71.

The deal being negotiated calls for Deutsche Boerse to own approximately 60% of the company, the first time in its history that the iconic NYSE would be controlled by a foreign entity. Duncan Niederauer, NYSE Euronext chief executive, would be CEO of the combined company.

In some ways, the potential deal is the next step in the evolution of stock exchanges from nonprofit entities owned by their members to fast-moving companies with publicly traded stocks. The NYSE and many traditional stock exchanges switched to public ownership over the last decade, saying the rapid pace of technology and other forces required them to be more nimble and entrepreneurial.

Amid the continuing threat to traditional trading floors from often faster and cheaper electronic trading systems, exchanges have been merging among themselves and, in some cases, branching into alternative lines of business. The NYSE’s potential deal came only a few hours after London Stock Exchange Group announced a similar deal with TMX Group of Canada.

Still, the idea of the bastion of U.S. stock trading being foreign-owned is a bit jarring.

No word yet on whether stock trades will have “Made in Germany” stamped on them.

-- Walter Hamilton

http://latimesblogs.latimes.com/mone...ck-trades.html

I'm curious to see people's take on this. Personally I think american citizens should be outraged. Going back to Bush trying to sell our ports to dubai, it seems like over the past few years American infrustructure is being sold to foreign entities, jobs are being outsourced and Obama has walked a fine line on nationalizing banks and healthcare.

I understand the need for globalization and that's where the world is heading, but how long can the US keep this up until we turn into an oligarchy government?

[Olo401]

Saw this as the giant blaring headline on the Wall Street Journal this morning.. the business suits on public transit were shitting their Perry Ellis silk boxers.

[test123]

the fourth reich cometh

[Gryffes]

ROH NOEX FORRIN OWNED BUSINESSES IN AMERICA.

BUT THIS IS THE SINGLE MOST GOD GIVEN BLESSED GREATED GOOD COUNTRY ON GODS GREEN EARTH.

[Gryffes]

What next? Women voting? Then it'll be the blacks.

I FOR ONE OBJECT.

[rog]

..who cares?

[archibaldcrane]

You mean "to a German company". Not to the country of Germany.

[Gredival]

You mean "to a German company". Not to the country of Germany.

There are no private companies in the godless socialist land of Europe. Clearly everything is government there.

[Dimmauk]

Maybe having Nazis running the US Stock exchange wont be a bad thing?

[BardonGaruda]

From speculation in the last few years it was either going to be Deutsche Boerse or London SE that bought NYSE. Will be many more mergers/buyouts of exchanges in the coming years until like most other companies they'll only be a certain nationality by name.

Wont be long before they convince governments to remove restrictions on where trades on each exchange can be executed allowing most of the jobs to be moved to India like the US & EU banking industry.

[Cadsuane]

It's a fucking stock exchange, not the statue of liberty. What does this have to do with oligarchical government?

[Egon]

Nazi's were great at keeping paper work on everything. Very good record keepers = more info on stocks!

[Callisto]

I've worked for and have relatives working for full-on German companies where the overseas execs are incredibly active in managing the US locations, and their companies run like fucking clockwork, easily more efficient/better organized than any US corporation I've been involved with. This would probably be an improvement.

[Egon]

I've worked for and have relatives working for full-on German companies where the overseas execs are incredibly active in managing the US locations, and their companies run like fucking clockwork, easily more efficient/better organized than any US corporation I've been involved with. This would probably be an improvement.

BMW would be a great example of this.

[dudeguy]

This is America's much loved capitalism at work. The country should rejoice at such good news!

[Zilong]

Maybe having Nazis running the US Stock exchange wont be a bad thing?

Less jews owning everything that's for sure.

[Meresgi]

Hitler now owns all the jew gold.

[Senji]

Saw this as the giant blaring headline on the Wall Street Journal this morning.. the business suits on public transit were shitting their Perry Ellis silk boxers.

I actually can't find these anymore. Interested if anyone knows a good 100% silk or silk/bamboo blend boxer.

[Khamsin]

So will it be renamed to DLSE then? Or GSE... or Deutsch Lagertausch or whatever the German for "German Stock Exchange" is. Or will it still be doing business as "New York Stock Exchange"?

[Komm Suesser Tod]

Germany apparently decided to take the slower route after WWII didn't work out for them.