So what do you think happened when John Mack sat down to dinner last night with the top executives of Mitsubishi UJF, the Japanese bank that agreed to buy 20% of Morgan Stanley for $9 billion? We would have love to have been a fly in the soup for that meeting. Instead, all we have is our imagination.
John Mack: “Konbanwa, gentlemen. I am very pleased we are together on this happy and auspicious occassioin.”
Mit Exec: “Konbanwa. Pardon my rudeness, but who are you?”
Mack: “Pardon mine. I am John Mack, the CEO of Morgan Stanley.”
Mit Exec #1: “There seems to be a misunderstanding. Where is Jamie Dimon?”
Mit Exec #2: “Shall we wait for Mr. Dimon?”
Mack: “Uh. Uhm. He’s not with my firm, Morgan Stanley. He’s with JP Morgan.”
Mit Exec #2: “JP Morgan is not Morgan Stanley?”
Mack: “We’ve been different companies for several decades. In fact…”
Mit Exec #2: “So you thought you could have our $9 billion because you work for a bank that sounds like JP Morgan?”
Mit Exec #1: “Mr. Mack, will you excuse us from the table? We have to make a few phone calls.”
Exit Mitsubishi executives, stage right. John Mack picks up steak knife. Drives it downward into the table.