Former Morgan Stanley CEO John Mack explains to Joe Lonsdale why he chose to position his office directly in the middle of the trading floor.
Assertion Not checkable as stated
Mack hung up on Geithner, Bernanke, and Paulson over $2 buyout demand
“I go over and pick up the phone, and he said, I'm on here with Ben Bernanke and Hank Paulson. You know, we want you to sell your firm. And I said, well, you know, out of respect for you, I called Jamie Dimon, and he'd only pay me two dollars a share. And Guy A…”
Assertion Not checkable as stated
Jamie Dimon rejected Tim Geithner's demand to buy Morgan Stanley for $2
“Tim Geithner, who ran the New York Fed, called me and said, look I can't have Morgan Stanley go out of business. I want you to call Jamie Dimon and he will buy your company. No, we're desperate. I called Jamie and he said, John, I don't want your company. He s…”
Assertion Not checkable as stated
Hedge funds borrowed Morgan Stanley's own repo money to short its stock
“A number of the hedge funds would come in and borrow money from us through, through a repo account. And then they would take that money and use it to short our stock. And it wasn't just us. They did it to Lehman. They did it to us.”
Assertion Not checkable as stated
Every Chinese citizen and leader Mack met claims Taiwan belongs to China
“You ask any Chinese leader, Taiwan is part of China. So what's going to, how's, how's that going to play out? I've never met and I've met a lot of Chinese citizens and leaders. Every one of them says the same thing.”
Assertion Supported
Japanese partners Mack trained years earlier wrote the check saving Morgan Stanley
“And, you know, they're the ones that wrote the big check that got us out of the bind.”
Disclosure
Mack launched golf clinics for female executives to combat male networking advantages
“One of the things we started doing as I got more and more comfortable in the job, it was clear that on a Friday afternoon at two o'clock, a lot of the men would disappear to go play golf from May to September. And all of, most of the women were still there wor…”