Word: stanleys
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...most accounts, John Mack is a tenacious, intimidating, demanding, no-excuses kind of manager. Get called into his office, and you better be prepared. Show him up, and you've made an enemy for years. His verbal dressing downs while at the helm of mighty Morgan Stanley left underlings nearly needing a change of underthings. He is, it seems, just the tough s.o.b. to rescue scandal-ridden Credit Suisse First Boston--and restore a badly needed ounce of credibility to Wall Street. Hello, Mack the Knight...
Mack took over at CSFB, like Morgan a power player in global banking and trading, after its Swiss bosses sacked CEO Allen Wheat two weeks ago. Mack was available, having left the No. 2 job at Morgan Stanley in March following a huge career miscalculation. After Morgan Stanley merged with Dean Witter a few years back, Mack thought he would get to run it. He didn't, so he moved on. That's the way it is with type A's, a breed drawn to Wall Street like suckers to a flawed...
...Morgan Stanley, the question is more along the lines of, Did the firm do right by its customers? Should it have underwritten so many high-risk companies? The short answer is yes. The firm was merely doing what it always does: matching those who need capital (dreamy dotcom start-ups) with those eager to supply it (dreamier market neophytes, as well as a large number of institutional investors). Sometimes the dreams come true. After all, Morgan floated Microsoft and AOL, speculative plays in their early days...
...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...
...swagger. As the Chandra Levy case drags on, Dayton finds himself under the hot lights along with his boss. Law-enforcement officials have questioned Dayton about whether he tried to hinder their investigation. Dayton denies any such thing. Still, he has retained a top Washington criminal-defense lawyer, Stanley Brand. Another top Condit aide, chief of staff Mike Lynch, who publicly denied the affair in the weeks before Condit admitted it to the police, has hired ex?Timothy McVeigh prosecutor Beth Wilkinson. (Lynch has not been questioned recently, a source tells TIME.) Suddenly the investigation isn't just about Condit...