Are former Merrill Lynch top dogs plotting something with Ken Langone? Page Six today reports that former Merrill Lynch CEO David Komansky was spotted having lunch with Langone and Bob McCann, the former head of Merrill’s brokers. Municipal bond expert and socialite Alexandra Lebenthal also dropped by.
“They were either discussing setting up a new investment bank, or making a bid to take over an existing one and spin it off,” one insider says. McCann is on the short list to take over UBS’s Wealth Management division, which is in hot water with US tax authorities for allegedly helping clients hide $15 billion of untaxed money. “McCann might be looking to buy it away from UBS and bring it back as PaineWebber,” says our source. “If so, he’d need big hitters like Komansky and Langone.” McCann could not be reached.
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