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Taibbi: More Dirt on Mack, Samberg, & White

Posted by Larry Doyle on January 25, 2013 1:07 PM |

While most pundits in New York, Washington, and across America are singing the praises of prospective SEC chair Mary Jo White, more dirt on her intervention on behalf of Morgan Stanley and John Mack is filtering into the marketplace.

Who writes on this topic today? Rolling Stone’s Matt Taibbi undresses Mack and his sidekick Art Samberg in truly unceremonious fashion in writing, 

Now, Mack had been on Samberg’s case to cut him in on a deal involving a spinoff of Lucent. “Mack is busting my chops” to let him in on the Lucent deal, Samberg told a co-worker.

So when Mack returned from Switzerland, he called Samberg. Samberg, having done no other research on Heller Financial, suddenly decided to buy every Heller share in sight. Then he cut Mack into the Lucent deal, a favor that was worth $10 million to Mack.

These dealings with Samberg generated a fair bit of attention within the SEC. When Mr. Mack and Morgan Stanley needed cover on that front, who did they call? We are now well aware that our prospective SEC chair Mary Jo White ‘worked her magic’ in getting the SEC wolf, that is Gary Aguirre, off the Mack/MS scent.

You will want to read this column by the ‘pulls no punches’ Matt Taibbi. I put this in the Strongly Recommended file,  Choice of Mary Jo White to Head SEC Puts Fox In Charge of Hen House.

Nice to have “friends” with this kind of clout.

Navigate accordingly.

Larry Doyle

Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Peter Scannell

    Let’s look at the bright side of the economic meltdown of 2008.

    If we didn’t know how corrupt it was – then how could we possibly ever know how uncorrupt it should be!

    “Mack was noted for stabilizing the firm and reenergizing its culture and client franchise.”

    And so noted was Charles “Ed” Haldeman, the former CEO of Putnam Investments.

    A little shout out to Mack the Knife, I’d get the yacht and go sailing!

    Hells bells.

    • Obsvr-1

      We shouldn’t have to endure corruption to know how “uncorrupt is should be”

      Our Expectation is that there is no corruption (ideally)

      Laws define the rules, to meet said Expectation

      Enforcement of the laws ensure that those who corrupt are punished and not enriched

      Oversight of the Enforcers ensures Enforcement is being executed appropriately.

      When the system fails, it is no wonder why people default to vigilantism.






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