Neil Cavuto was joined by Gregg Hymowitz, founder of Entrust Capital; Jim Rogers, president of JimRogers.com; Ben Stein, economist; Jenny Anderson, NY Post reporter; Charles Payne, CEO Wall Street Strategies; Carlos Watson, Democratic Strategist.
Neil Cavuto: A hurricane over America and storm clouds over Wall Street. Isabel (search) hit, did her damage and moved on. And so did Dick Grasso (search), the NYSE chairman moving on after feeling the heat over his controversial pay package. Now that he is out, should investors come back into the market? Jenny, better for investors coming in now that Grasso's out?
Jenny Anderson: There's still big questions. What do you do with the board that approved his package? What's going to happen to the regulatory function of the stock exchange?
Jim Rogers: As far as the market is concerned, it's irrelevant. The market could care less. Anyone can run the stock exchange.
Jenny Anderson: Not true, not true. There are companies now considering not listing there because they're concerned about what's going to happen there.
Jim Rogers: That's not what I'm saying. The stock market could care less who runs the exchange.
Jenny Anderson: Dick Grasso would not appreciate that comment.
Jim Rogers: I don't care. Dick Grasso is not a good guy.
Gregg Hymowitz: At the end of the day the board is responsible for this. How can these guys say that they didn't know how much he was being compensated? It was their job to oversee it. Someone needs to put pressure on the board and make these guys accountable for what they've done.
Jenny Anderson: There is already a lot of pressure on these guys. The CEO of Goldman Sachs is saying take the securities industry directors off the board.
Ben Stein: The most culpable director was Carl McCall, who's not in the securities industry directory. The compensation committee screwed up on an incredible scale.
Neil Cavuto: Do you think Carl McCall should resign?
Ben Stein: Absolutely. But I don't think this is going to become a relevant matter for investors. It doesn't have an effect on profits or discount rates of the stocks that are listed.
Gregg Hymowitz: What it shows again is the utter failure of these corporate boards. Whether it's Enron, WorldCom and now the NYSE, the corporate board governance have significant problems.
Neil Cavuto: To be fair though, there's no criminal activity here -- just a guy who got a lot of money.
Jim Rogers: How do you know there was no criminal activity?
Neil Cavuto: How do you know there was?
Jim Rogers: I'm saying you don't. No one knows.
Ben Stein: I question whether there was criminal activity or not. If the board didn't know about the total compensation figures, then that's straight up and down fraud.
Jenny Anderson: They didn't ask the questions. They didn't say, 'We don't get this.' They voted to approve it.