Morgan Stanley CEO John Mack recently appeared before a group at the Wharton School of the University of Pennsylvania and recounted the events of that one week last September that nearly brought down the global financial system. For anyone interested in global finance, it is a must view (it runs a little over 26 minutes). There are some stunning details – how federal regulators were pressuring Morgan Stanley to sell itself to J.P. Morgan for $1. How Mack had a firm conversation with J.P. Morgan CEO Jamie Dimon about speaking with Mack directly on any acquisition talks, and not his subordinates. His frequent phone calls with Goldman’s Lloyd Blankfein, who told Mack he had to find a way to rescue Morgan because if it failed, his firm might be just 20 minutes behind. And how and why Mack hung up the telephone with the three most powerful regulators in the U.S. Click on the image above to see the video or click here.
November 17, 2009
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