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ng debt is written down and becomes the new equity, and valuable operations ' Scott and Taylor (2012) is a prime source for this view. Summe (2010), Fleming and Sarkar (2014), and Duffle (2010a, 2010b) are excellent summaries of some details of what went wrong in 2008. 30 EFTA00611683 are sold to ne
John J. Mack, Morgan Stanley's chairman and chief executive from 2005 to 2009: "Your No. I client is the government." They report that current CEO James Gorman "phones Washington before making major decisions," and "About 50 full- time government regulators are now stationed at Morgan Stanley." 33 EFTA0061
nt, mostly looking after rich and ultra rich clients. Not quite Merrill's "thundering herd", or the army of advisers at Morgan Stanley, where Mr Fleming ran the wealth and investment management division for six years. Indeed, some people on Wall Street are still wondering why Mr Fleming, a lean a
each its apex at troubled companies. Greg is not like that," says Mr Cohen. Morgan Stanley was no walk in the park either. Hired in late 2009 by James Gorman, the new chief executive and a former colleague from Merrill, Mr Fleming steered the wealth division through a tricky merger with Citigroup's
h the addition of broader capabilities and new growth capital. Greg Fleming will become the Chief Executive Officer of Rockefeller upon closing. Mr. Fleming, a longtime financial services executive, was most recently the President of Morgan Stanley Wealth and Asset Management and prior to that, the Presid
Page: HOUSE_OVERSIGHT_012048 →disclosed. Fleming, 54, who was most recently president of Morgan Stanley Wealth and Asset Management, left the Wall Street firm last year after CEO James Gorman indicated he planned to stay on at least five more years and installed an older deputy in the bank’s No. 2 position, people with knowledge of the dec
Page: HOUSE_OVERSIGHT_012050 →Entities connected to both Fleming and James Gorman

Jeffrey Epstein
PERSON
George W. Bush
PERSON
United States
LOCATION
Michael Cohen
PERSON
Morgan Stanley
ORGANIZATIONLehman
ORGANIZATION
Warren Buffett
PERSONRockefeller Capital Management
ORGANIZATION
U.S. Treasury
ORGANIZATION