John Mack news stories on Newser

Morgan Stanley Boss: Bankers Are Overpaid

Kevin Spak — Thu, 25 Feb 2010 08:54:00 CST

John Mack, chairman and former CEO of Morgan Stanley, says Wall Street overpays its bankers, but that won’t change unless Washington steps in. “I still don’t think the industry gets it,” he said at an event yesterday. “The issue is not structure, it is amount.” But Wall Street has to...

Wall Street's Finest Head to DC Showdown

Wed, 13 Jan 2010 07:43:07 CST

Four of Wall Street's fattest fatcats are headed to Washington this morning to do some explaining about how exactly it was that the United States of America came to teeter on the brink of financial Armageddon. A 9/11 Commission-style panel appointed by Congress has the job of writing the narrative...

No-Show Bankers Show Who's on Top

Kevin Spak — Tue, 15 Dec 2009 07:28:05 CST

Obama’s meeting with top bankers yesterday spoke volumes about the new power dynamic between Washington and Wall Street—and not in the White House’s favor. Three top bankers, Lloyd Blankfein, John Mack and Richard Parsons, called in rather than showing their faces. Their excuse was weather that had delayed their—...

Mack Steps Down as Morgan Stanley CEO

Jason Farago — Fri, 11 Sep 2009 05:52:55 CDT

John Mack is stepping down after 4 years as CEO of Morgan Stanley, the bank that nearly succumbed at the height of the financial crisis. Morgan Stanley has seen its reputation suffer in recent years after ill-advised moves into real-estate-backed assets that cost the bank billions, raising questions about Mack's...

Merrill CEO Backs Off $10M Bonus Request

Harry Kimball — Mon, 08 Dec 2008 17:40:00 CST

Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain had argued...

Short Sellers Vilified But Vindicated

Jason Farago — Fri, 19 Sep 2008 15:36:01 CDT

In a memo to Morgan Stanley employees, CEO John Mack fumed that the investment bank was being attacked "by fear and rumors, and short sellers are driving our stock down." Today, following similar action in the UK, the SEC banned short selling of 799 financial companies to stem sliding prices....

Morgan Stanley Beats Estimates With 42% Q1 Drop

Jim O'Neill — Wed, 19 Mar 2008 07:53:00 CDT

A day after posting its biggest gain on Wall Street in more than a decade—shares rose 18% to $42.86—securities firm Morgan Stanley today reported a second straight quarterly loss, as first quarter earnings fell 42% to $1.55 billion, from $2.67 billion a year ago, reports...

Morgan Stanley Boss Faces Shareholder Pressure

Jim O'Neill — Tue, 11 Mar 2008 09:25:00 CDT

With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for...

Morgan Stanley CEO Feels Heat

Kevin Spak — Thu, 20 Dec 2007 11:37:07 CST

When John Mack became Morgan Stanley’s CEO in 2005, he told the company to take more risks. “You’ve lost your swagger,” he told his traders. Now, after several questionable moves and yesterday's staggering $9.4 billion writedown, swagger isn’t looking so hot—and Mack could be sent packing, the Wall...