Big Mack Attack

The telephone is ringing
I say, hi it's me, who is it there on the line?
A voice says, hi, hello, how are you?
Well I guess I'm doing fine
--Rolling Stones

Very interesting recount by Morgan Stanley (MS) CEO John Mack of the week following Lehman's bankruptcy in Sept 2008. While there are many noteworthy remarks, the heart of the story is his pushback against government attempts to sell MS to JP Morgan (JPM).

While Mr Mack's nose is not totally clean (his firm subsequently did take $ billions in government funds), his resistance to government intrusion in private affairs is exemplary.

Another takeaway from Mr Mack's presentation is the degree to which the State is willing to meddle in such private matters. Whether the rationale is to maintain stability or for the greater good, seeking to prevent firm bankruptcies, stem stock market crashes, or mute economic downturns for that matter, such intervention is simply not the role of government as defined by the Founders.

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