Grasso will be replaced on an interim basis by John Reed , the former chairman and chief executive of Citigroup .

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John Reed, the former Citigroup boss who was appointed temporary chairman after Mr Grasso's sacking, reformed the exchange's governance.

ECONOMIST: The people’s lawyer strikes again | The

Goldman's chief at the time, Hank Paulson, had helped oust NYSE chief Richard Grasso, who ultimately was succeeded by Paulson's former number two at Goldman, John Thain.

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