Meet The New Boss, Same As The Old Boss

Morgan Stanley CEO, John Mack, announced his retirement yesterday (effective in the Spring of 2010), and named his replacement, James Gorman.  

Gorman joined Morgan Stanley in 2006 as Jefe of Global Wealth Management and was named co-president of MS in 2007.  Prior to Morgan, Gorman held several positions at Merrill Lynch.

Bloomberg sat down with Gorman in June to discuss executive compensation, clawbacks, TARP repayment and Wall Street criminality.  Repayment of AIG counterparty, conduit payments was not discussed.

Short clip...start watching at the 1:45 mark.  And for the record, Daniel Simkowitz, head of Global Capital Markets for MS should have gotten the nod as CEO. 

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Longer clip...complete Gorman interview.

Comments

[DailyBail]

clawback(James) wrote:

Remember when Ben Bernanke admitting to getting so gosh darn mad about AIG that he...(wait for it)...slammed the phone a few times? Well, John Mack used to BREAK phones. This is entirely apropos of nothing, except that being "cerebral" may not be all that useful. I mean suppose for a moment that John Mack was is running the Fed (instead of , say, running a failed i-bank that will benefit mightily from an AIG bailout) -- do you really think we would have paid Goldman and UBS and Deutsche Bank 100 cents on the dollar for their CDS? I'm guessing probably not. But Bernanke and Geithner... "well, gosh darnit, we had to do some very distasteful things to bail out the important people, and it made us so made we slammed the phone right down on that nasty AIG..."

[DailyBail]

@Clawback(i pasted your comment above)

A phone slam must be worth 100 cents on the dollar...Sure, anyone who was hedging with AIG knew that there was default risk...and I doubt any of them ever expected payouts at PAR...they had no idea how much control they exerted over Washington until the AIG deal...

Lehman counterparties got 11 cents...

50 cents on the dollar plus preferred shares in exchange for 25 of those 50 cents would have been a fair and equitable payout to AIG counterparties...

[DailyBail]

When I was searching for the lyrics for "Won't Get Fooled Again" by the Who for the title of this post, I stumbled across this recent article from John Stossell from ABC's 20/20...it's about the similarities between Bush and Obama...

http://blogs.abcnews.com/johnstossel/2009/07/meet-the-new-boss-same-as-the-old-boss-.html

[DailyBail]

Coast Guard Fired Shots on the Potomac (maybe)
http://www.npr.org/blogs/thetwo-way/2009/09/ap_shots_fired_on_potomac_were.html

The Coast Guard was shooting at a boatload of religious converts who rented a double-decker pontoon to float the potomac...

The former Cat Stevens was at the helm of the pontoon, and said no one was injured in the shelling...however, 2 kegs of Natty Light were damaged...

******

[DailyBail]

Mack Steps Down as Morgan Stanley’s Chief Executive

http://www.bloomberg.com/apps/news?pid=20601087&sid=amcFhzwFQVzs

[James H]

I had meant to send this along earlier, but here's a really interesting piece by left-leaning activist David Swanson, the founder of AfterDowningStreet.org (Via the great Tom Engelhardt at Tom Dispatch.)

"Bush's Third Term? You're Living It"
http://www.tomdispatch.com/post/175109/david_swanson_the_more_things_change

[DailyBail]

james.

That was a phenomenal piece...just sent you an email...