Friday, July 01, 2005

I'm lost (or are they lost, but just don't know it)

Mack is back at Morgan

by Heidi Moore Fri Jul 1, 6:00 AM ET

John Mack's return to Morgan Stanley as chairman and CEO was made official Thursday, June 30, in one of the most gleefully received management changes on Wall Street in years...

I must confess, I am lost, Mack helps merge MS with Dean Witter a few years back in an attempt to create a "financial supermarket" (which isn't working) and then gets pushed out a little while later.

MS tanks, CEO (Phil Purcell) is forced out and they bring back Mack, the guy who helped merge the two companies in the first place.

Now I never followed the MS/DW merger all that much, but why in the world would you bring back the guy who pushed the firm that way (for god sakes, he even has a fan club of old executives).

Some of you may say that it really wasn't a merger, but rather DW bought MS, then Mack would be an even less attractive choice as a CEO due to the fact that he could come up with some strategy to prevent the purchase. And if he really thought it was such a bad idea, he didn't exactly resign from MS around the time of the transaction.

And who said re-runs were only on TV!

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