Friday, May 6, 2005

Three Amex Officials Resign

Big resignations at the AMEX in the past few days. Reuters carried an article that the top regulator at the AMEX, Glen Barrentine, has resigned.

Buried in the article is the news that the Michael Ryan, the Exchange's General Counsel is resigning at the end of the month, along with Exchange President Peter Quick. The former chairman, Salvatore Sodano, stepped down in January, and left the Exchange last month.

Readers will recall that Ryan, Quick, Barrentine and Sodano all received Wells notices from the SEC. A Wells Notice is notification from the Commission that it intends to file a regulatory complaint against the individual named. It does not appear that any action has been filed, although the article makes reference to a decision by the Commission not to proceed against Barrentine.

One can only wonder if these resignations are an attempt by the AMEX to head off an SEC complaint by having these senior executives resign.

Time will tell.

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