You can now be sure that the Obama administration mini bubble is fully inflated and set to pop. Morgan Stanley Chief Executive Ass wipe, John Mack is stepping down signaling the end of the ponzi crash dive.
John will hold onto the Chairman's seat, but needs the extra time to count all the bonus he got Morgan Stanley to place at the alter of his retirement in detriment to the bank he ran. Nice to be the boss sometimes aint it.Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones.
Under Mack, Morgan Stanley was willing to bet more of the bank's own money, a strategy that yielded big rewards in years like 2006, but also helped push the investment bank to the brink of collapse in 2008.You bet he bet more of the banks money, it wasn't his.
So John saw the bubble expanding, raked in his riches and left the bank, the taxpayer and anybody and everybody else to pick up the pieces.Now this game is over and Mack is giving up the job no one wants anymore, and hits the door with his 2006 bonus of $40 million still intact and the taxpayer gets the shaft.