Word: macks
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Dates: during 2000-2009
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...battle, in a sense, since Lehman was a major force behind the subprime-mortgage bonds that were the culprits in the collapse. Gasparino is particularly good at capturing--via the profane, telling quote--the high-noon drama of the meltdown. When Morgan Stanley CEO John Mack tells Lehman boss Dick Fuld, "There are rumors that you guys are in trouble," Fuld, the "Gorilla of Wall Street," answers with tough-guy bravado, "It's bullshit." Lehman's stock price was soon in free fall...
...Harvard looked even stronger with its top runners in the field. Richardson and sophomores Kailyn Kuzmuk and Nicole Cochran took an early lead as a pack and cruised to a finish in the top three spots, with Richardson’s 17:42.34 leading the way. As sophomore Jeanne Mack, Olson, and junior Eliza Ives crossed the line to round out the first six scorers, it became clear how dominant a full-strength Crimson team...
...take a lot of risk? Yes," Mack told the shareholder. "I think the firm has the capacity to take a lot more risk than it has in the past...
What a difference a financial crisis makes. Mack has spent much of the past year putting Morgan Stanley on safer ground. He has dramatically lowered borrowing and shut down the firm's proprietary trading desk. He changed Morgan from a Wall Street dealer to a bank holding company, and more than tripled the firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake...
...changed investor perceptions, particularly with respect to the soundness of our financial system. In response, big financial firms are changing, but few firms have changed more than Morgan Stanley. The latest sign of Morgan's transformation came two weeks ago when the firm announced that James Gorman would replace Mack in January. Unlike Mack, and nearly every other head of Morgan Stanley, Gorman has never been an investment banker. Gorman, a former McKinsey consultant, joined Morgan three years ago from Merrill Lynch, where he had run that firm's brokerage force. At Morgan, he was in charge of revamping...