“Turning on the television recently, investors would have seen almost as much of Dick Grasso as they would of Oprah Winfrey,” writes Kate Kelly in today’s Wall Street Journal.

“That is because Richard Grasso, the 56-year-old New York Stock Exchange chairman and chief executive officer, has taken to the airwaves in an attempt to reassure investors who have spent recent weeks fleeing U.S. stock markets. Given that some stock indexes have suffered their worst losses in years — despite the sharp rebound of the past few days — Mr. Grasso’s task hasn’t been easy.”

“This isn’t the first time the Big Board boss has spoken up on behalf of the financial markets. In the wake of the September terrorist attacks near Wall Street, Mr. Grasso kept the public updated as his staff scrambled to prepare the exchange to resume trading. After a four-day closure, the market’s reopening following the World Trade Center’s collapse was a triumph for Wall Street, and Mr. Grasso personified it.”

“As an ambassador for the Street, Mr. Grasso in recent weeks has found his task equally challenging. He has tried to mediate between one of the Big Board floor’s largest brokerage firms and state attorneys general investigating the firms’ sales practices. He has attested to the integrity of most public companies when confidence in corporations is at a nadir. And he has pointed out the value of stock investing at a time when the major indexes are heading south.”

“In a typical comment on NBC’s ‘Meet the Press,’ for example, he criticized wrongdoers while defending the strength of the market. ‘I think investors, unfortunately, have been disappointed by a number of failures on the part of some companies to be truthful and honest with their investors, and the public’s confidence has been tested. The market, however … has historically always responded to the economy. Our economy is strong.’ “

“Mr. Grasso’s efforts aren’t going unnoticed. ‘What Dick is doing now is exactly the right thing,’ says Rudolph Giuliani, the former New York City mayor who now is a consultant. ” ‘He is expressing all of the rational, sensible thoughts that a leader should about the long-term future of the American market. [And] he is expressing appropriate outrage at the misbehavior of the people that have hurt it.’ “

“Mr. Grasso declined to comment. But friends and business associates believe that the recent corporate scandals and the market’s difficulties have been especially troublesome for the exchange chief, who after a two-year stint in the Army has spent 34 years at the NYSE. ‘Dick is obviously a significant leader in the industry, and he has to feel it more than most of us do,’ says Kenneth Langone, a board member of the exchange and longtime friend of Mr. Grasso. ‘He’s the embodiment of capitalism.’ “

“As corporate scandals have grown and the stock market has gyrated, the face of the NYSE’s Richard Grasso has become a fixture on the tube.”

“His efforts come as regulators and the government — after initially responding slowly to the crisis of confidence among investors — jostle for position to take the lead. Mr. Grasso, trying to address lapses in corporate responsibility, convened a committee to rewrite the NYSE’s rules governing boards of directors, the adoption of stock-options plans and the disclosure of material information. On June 6, the committee unveiled a set of proposed reforms that inspired praise from even some of Mr. Grasso’s past critics. Other marketplaces, such as the Nasdaq Stock Market, since have followed suit.”