Morgan Stanley Is Doing Just Fine, THANK YOU VERY MUCH

Author:
Publish date:
Updated on

At least for now? John Mack just gave a rousing pep talk at the bank's "town hall" meeting, essentially telling the troops, "We don't need help from anyone" to rousing applause, before adding, and I'm paraphrasing, "But we may have to merge if the stock drops a lot."
In related news, CNBC's Charlie Gasparino reports that the bank is in "advanced" merger talks with Wachovia, after shockingly being shot down by Vikram Pandit (I'm not really in a position to be evaluating if Citi should or shouldn't do a deal but it's extremely distressing to see the behemoth stray the course of getting big enough to pop by '09 and spew Little Viks all over Wall Street).
Many are questioning why the hell Morgan would want to join forces with WB, and obviously things could fall apart. Personally, we hope this thing goes through. Not because we so much care, and to be completely honest, think the name Morgovia sucks. We don't want this thing for us. We want it for Dick Bové. A merger between Morgan and Wachovia would be delicious vindication for the woodland creature, as it would bring his previous call for Phil Purcell to be named CEO of Wachovia, a call heretofore deemed batshit insane, one step closer to reality. (And yeah, I know people at MS "hate" PP but that's a minor bump on the road to Bové saying I told you so, and scoring the CFO gig at the newly formed entity.)

Related