Morgan Stanley Weighs Bank Merger, CEO Believes in Broker-Dealer Model; Hedge Funds are Making Withdrawals; Goldman Sachs May Be Sole Wall Street Survivor; Will Washington Mutual Be Sold? – Potential Bidders Include Citigroup, Wells Fargo, Bank of America
Live! Coverage from Purchase, NY on Morgan Stanley Shareholder Meeting; CEO John Mack Says It Makes No Sense to Acquire Anything Else Now (Bloomberg News)
James Gorman to Succeed John Mack as CEO, Mack Will Remain Chairman; Initial Reaction with Michael Hecht of JMP Securities; Further Reaction with Michael Holland (Bloomberg News)
During the depths of the global financial meltdown in September 2008, John Mack faced the most critical moment of his tenure as CEO of Morgan Stanley. The investment bank was nearly out of cash, its stock price was plunging into the single digits and Treasury officials were pressuring him to sell the firm to jpmorgan [...]