Shakeups in the wirehouse world are becoming an every-day occurance. The WSJ is reporting that John Mack will resign as Chairman of Morgan Stanley at the end of the year. The last couple of years have been turmoil at Morgan Stanley, with infighting among the various factions at the firm from the Mack camp vs. the Purcell camp.
That infighting resulted in terminations, early resignations and huge distractions to the firm and its management. Add to that the mortgage trading which almost closed the firm, and the firm's involvement in the auction rate securities debacle, and it is no wonder why the firm's stock price has been crushed.
But all will be well for Mr. Mack. The article also mentions that Mack is going to write a book about his career, and is considering a goverment career, perhaps as Treasury Secretary.
