Courtesy of Larry Doyle.
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
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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.
