Word: mack
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Dates: during 2000-2009
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...Bobby said that, and a bit too much more: he expressed the thought that, by 25, he?d eclipse Sinatra. Darin wasn?t quite saying he was bigger than Jesus, but the boast betrayed a young man?s arrogance. Then he released a Sinatra-style swinger, the Brecht-Weill "Mack the Knife," which had enjoyed four Top 10 interpretations in the previous four years, including Louis Armstrong?s. Well, damned if Darin?s "Mackie" wasn?t the year?s top single, selling more than any single Ol? Blue Eyes had cut to that time; won Darin a Grammy too. With...
Speaking of which, as most know by now, there has been no shortage of such offenses in recent years--a good many of the disaster deals having sprung from the IPO factories at Mack's new firm as well as his old one. That's noteworthy because at the heart of CSFB's problems, and one of the main reasons Mack was hired, is an IPO scandal that has shredded the firm's reputation. There are other issues at CSFB too. The firm overpaid for competitor Donaldson Lufkin & Jenrette, and now is losing some of the star bankers that came...
...Mack attracts attention because both his new and old firms were doing much of the underwriting. At CSFB, star tech banker Frank Quattrone brought in the mother lode: CSFB took public 142 tech companies in 1998-2000. In the same period, while Mack was the top hands-on manager at Morgan Stanley, his firm underwrote 68 tech-stock ipos, according to Thomson Financial. The firms ranked 1 and 3, with Goldman Sachs notched in between...
...firm is not like running a carmaker. GE wonderboss Jack Welch cried uncle shortly after acquiring Kidder Peabody in 1986, and the Solomonic Warren Buffett couldn't run fast enough from his interim job as chief of Salomon Brothers in 1992. So you can see why stumbling CSFB grabbed Mack, whose own record for running a clean ship is pretty much unblemished. Mack was even rumored to be on the short list to succeed Arthur Levitt as head of the Securities and Exchange Commission. He's known for giving egocentric bankers--Quattrone while at Morgan Stanley, for one--the boot...
...everywhere is that Mack will succeed by enforcing strict management controls that tend to get lost in a bull market. Others will too, it is hoped, because so far all we've got is a set of "best practices" for bankers and analysts and yet no way to enforce them. A few firms have eliminated some conflicts of interest--but not the worst ones. As ever, buyer beware...