New York Magazine’s contributing editor Jessica Pressler now has a monthly business column where she will be profiling major business figures, TalkingBizNews reports.For her debut column, Pressler spoke with Morgan Stanley’s former CEO and chairman John Mack to see what he’s been up to since departing the investment bank.
All of his post-retirement endeavours aside, here’s something we learned about Mack when he was head of the fixed-income desk during the 1987 stock market crash and one of his traders was freaking out.
Back when Mack started as a bond trader at Morgan Stanley, in 1972, things were a little different. “There were only 350 people,” he says. “They had $6 million in capital. Any time we priced a deal, every partner at the firm came to the meeting.” is first brush with disaster came during the 1987 stock-market crash. He was running the fixed-income desk, where he found one of his team members crying. “What’s wrong with you?” Mack asked. “He said, ‘I’m going to lose everything I made.’ I said, ‘Well, let me ask you a question: What did you start with?’ He said, ‘I started with nothing.’ ” Mack pauses for dramatic effect. “I said to him, ‘Well, then, make it back.’ ”
Well said, sir.