John Mack Confirms He Told Geithner To 'Get F....d'
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- John Mack On Saving Morgan Stanley (27/10/2009)
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- Geithner On Financial Regulatory Reform (19/11/2009)
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It was a couple of days after the fall of Lehman, and US federal officials were concerned that Morgan Stanley was next. Geithner was keen that Mack agree to a fire sale of his firm to JPMorgan Chase. Mack had other ideas, but Geithner repeatedly telephoned, demanding to speak to him. 'I was not getting off the phone for anyone', Mack told CNBC with a grin.
And the knife continues to twist into Bank of America CEO Ken Lewis. Lewis is to step down at the year end, with his reputation in shreds. And now US pay czar Ken Feinberg is said to have twisted his arm to forgo any compensation this year - hell, he is apparently even going to hand back the $1m in salary he has been paid year to date!
Finally, as the critics circle Goldman Sachs and complain about the prospect of record year-end bonuses, they should think hard about the tax revenues. According to The Times newspaper, up to £2bn ($3.25bn) could end up in the UK Treasury's coffers alone. Remember, we tried Communism - it didn't work!
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