Morgan Stanley Chief Recounts Week Music Nearly Died
John Mack, Chairman and Chief Executive officer of Morgan Stanley, talks at Wharton University of Pennsylvania about the week he told his secretary to tell then Federal Reserve Bank of New York president Timothy F. Geithner to "get _ _ _ _ _ _." Morgan Stanley is parent to Saxon Mortgage Services Inc.
The statement was made as he was in intense negotiations over the New York investment banker's survival and in response to pressure by Henry Paulson, who was Treasury secretary at the time, Federal Reserve Board Chairman Ben Bernanke and Geithner -- who now is U.S. Treasury Secretary -- to merge with another firm in an effort to save the global financial system.
But Mack did note that Geithner did "superb job," and the trio did what they had to do given the circumstances.
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