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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...
...half years ago, at Morgan Stanley's annual meeting, CEO John Mack fielded a question from a worried investor. Mack's firm had had a good 2006 and early 2007, but the questioner was concerned that much of the new profits seemed to be coming from increased borrowing and bets the bank was making with its own capital. Mack answered defiantly...
...financial crisis and its aftermath have dramatically 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...
...Upon his arrival in Afghanistan as McKiernan's replacement last June, General Stanley McChrystal was pretty much presented with a fait accompli: the troops were arriving in Helmand. "The ship was moving in that direction," a military expert told me, "and it would have been difficult to turn it around." Indeed, it would have taken months of planning to change course. The additional troops were needed immediately to blunt the momentum of the Taliban and also to provide security for the Afghan elections. The trouble was, the troops would have been better deployed in Helmand's neighbor to the east...
...this is your very first postapocalyptic story, a line like the one Number 2 delivers - "Technology has been the ruin of us" - is more likely to induce an eye roll than anything else. In movies, our technology is so often the ruin of us. We got that message from Stanley Kubrick way back when, and we get it now. But couldn't filmmakers let something else ruin us for a change? Even the apocalypse needs variety...