- Black Friday to Avoid Red Ink; Greenback Gets the Blues
- Bankruptcies Jump, Hitting Highest Level in Four Years
- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- Steepest Black Friday Discounts, Revealed
- Fed to Counsel Moviegoers on How to Use Credit Cards
- 'Cancer of Fraud' Permeates Health Care System: Critics
- Where Do Pardoned Turkeys Go?
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- The Executive Job Search
- S&P Stocks Trading at New 52-Week Highs
- Where Do Pardoned Turkeys Go?
- Salvation Army's Kettles Now Credit Card-Ready
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Chinese Overcapacity is Worsening, EU Chamber Warns
- Trader Talk
- Black Friday: Bargain or Bust?
Text Size 
President Bush, speaking on Wall Street Wednesday, visited the floor of the New York Stock Exchange, toured the trading posts and shook hands with traders in early afternoon.
The rare visit by a sitting president, which was shown live on CNBC, brought trading to a near standstill on the floor.
"He's only the second sitting President to visit the floor during trading hours, so it became the absolute focus of attention," Art Cashin, UBS director of floor operations, told CNBC.com. "We were glad for the timing because if he came during the Fed announcement, it would have been a conflict for people."
The president left the exchange floor before the Federal Reserve announced at 2:15 pm that it was leaving interest rates unchanged. Trading normally slows before a Fed announcement. Stocks immediately rallied after the Fed decision as investors took the central bank's statement to mean that policymakers were less worried about inflation.
Ronald Reagan was the first sitting President to visit the NYSE in 1985 and he also made a surprise visit to the trading floor. Bill Clinton visited the NYSE in early 2000 as president, although he appeared after trading hours.
Earlier in the day, President Bush delivered a "State of the Economy" speech at the landmark Federal Hall on Wall Street, which is across from the NYSE building.
In the speech, Bush complained about the size of corporate executive pay packages and urged boards to make sure they were tied more closely to company performance.
"Government should not decide the compensation for America's corporate executives. But the salaries and bonuses of CEOs should be based on their success at improving their
companies and bringing value to their shareholders," Bush said
Speaking in the building's rotunda to an an audience that included New York Mayor Michael Bloomberg and former Mayor Ed Koch, Bush said shareholders should know the exact details of
executive pay packages.
"The print ought to be big and understandable. When people analyze their investment ... they ought to be able to see with certainty the nature of the compensation packages for people
entrusted to run the companies in which they have invested," Bush said.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes