This prick is about to reap what was sown. These guys let the funds kill us for the vig. Now, they don't like it.
You know that tv commercial where the big wig CEO comes into the office and his secretary tells him about all his "personal' appointments and business appointments for the day and he says lets move the business appointments to another time or day. And we pay them millions for what?
Odd that Mack would say that assuming he is referring to Morgan Stanley's current problem. You would think he would have learned that years ago, as over leveraging was what brought down Meriwether's LTCM bunch years earlier. Why didn't he learn that lesson back then. Must be a slow learner.
The LTCM crew and lots of folks today thought they were clever enough to "get away with it." Can't repeal the laws of economics any more than the laws of physics.
CNBC fast money talking about Paulson and how he was instrumental in getting regs changed so the street could sodomize the economy. (in 2000) I've always felt Paulson went to DC because he knew it would come to something like this and wanted to be in a position to protect himself and his friends. GS made all that money because they think like that. Hard to say whether he did the best job possible , considering his conflict of interest. What's for sure is, he knew WHERE ALL THE BODIES WERE BURIED.