Albert J. NockThe Crony system is alive and well in the various exchanges across the globe. When there is a huge difference between the closing price and the settlement price, that is evidence of cronyism in the pit committee. When they close trading floors without a vote from the membership, that is cronyism. When the exchanges' hired management acts as the enemy of the membership, a la Nock, that is cronyism. When the hired management favors certain commercial interests with a quid pro quo, that is cronyism. When elections are rigged and committees are stuffed, that is cronyism. When jobs are created for the simple reason of getting friends on the payroll, that is cronyism. When dissent is not tolerated and members are fined for speaking publicly, it's the backroom cronies pulling the strings. You could substitute government bureaucracy for exchange management, and there would be little difference. Nock's views apply equally to exchanges as well as the state.





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