Morgan Stanley CEO talked to SEC Tuesday--sources Wed Aug 2, 2006 4:36pm ET
NEW YORK, Aug 2 (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) Chief Executive John Mack testified before the U.S. Securities and Exchange Commission on Tuesday as part of an investigation of possible insider trading at hedge fund Pequot Capital Management, sources familiar with the situation said on Wednesday.
Mack's testimony comes after a former SEC investigator said he was fired while pursuing evidence that Mack allegedly tipped off Pequot about a pending merger. Mack, who was briefly chairman of Pequot, has denied any wrongdoing, as has Pequot.
Morgan Stanley last month said the SEC asked for Mack's testimony. The bank declined to comment on whether Mack appeared at the agency.
The SEC's investigation of Pequot drew fire several weeks ago when former SEC investigator Gary Aguirre went public with claims that top SEC officials put a stop to a probe into Mack's alleged role in the Pequot investigation.
Aguirre sought to interview Mack as part of a probe into whether Pequot, a $7 billion hedge fund firm based in Westport, Connecticut, made an $18 million profit based on illegal insider trading.
The SEC declined to comment. Pequot declined to comment.
And here is the former CEO of Goldman Sachs who just became our new treasury secretary....what a tangled web!
Everything in DC can be bought and sold....literally.
The securities industy ranks # 4 in political contributions.
Rank Organization Amount 1 Goldman Sachs $6,222,639 2 Morgan Stanley $3,255,384 3 Merrill Lynch $2,220,263 4 Lehman Brothers $1,921,568 5 Credit Suisse Group $1,903,222
Goldman CEO nominated as Treasury chief Bush picks Henry Paulson to replace John Snow
Updated: 7:48 p.m. ET May 30, 2006 WASHINGTON - Treasury Secretary John Snow resigned Tuesday and President Bush nominated Goldman Sachs chief executive officer Henry M. Paulson Jr. as his replacement — another chapter in the shake-up to revive Bush’s troubled presidency.
“He has a lifetime of business experience. He has intimate knowledge of financial markets and an ability to explain economic issues in clear terms,” Bush said of Paulson in a Rose Garden announcement.
White House officials believed that a Wall Street executive with Paulson’s talents could better make the case for the administration’s economic program.
Paulson, who also is chairman of Goldman Sachs, called the U.S. economy “truly a marvel, but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.”
Snow, the former head of railroad giant CSX Corp. who has a Ph.D. in economics, has been Treasury secretary since February 2003. His departure has been rumored for more than a year.
Just last week, Bush was asked if Snow had given him any indication he intended to leave his job. “No, he has not talked to me about resignation. I think he’s doing a fine job,” the president said during a Thursday evening news conference.
But White House press secretary Tony Snow said that Bush already had offered Paulson the job five days before that, during a meeting between the two. Paulson’s acceptance the next day, on May 21, was subject to a background check, Bush’s spokesman said.
Bush praised the outgoing Treasury secretary on Tuesday for showing “strong leadership.”
In a statement, Federal Reserve Chairman Ben Bernanke praised Snow for his “years of dedicated and able service” and said that he looked forward to working with Paulson, described by Bernanke as “highly respected throughout the financial world.”
Paulson has been both chairman and CEO of Goldman Sachs since May 1999. It is considered one of the premier financial firms on Wall Street and has sent a number of its top executives to high positions in Washington.
Speculation that Paulson would take over from Snow increased after Joshua Bolten, a former Goldman Sachs executive who had worked with Paulson and was leading the effort to find a replacement, became the new White House chief of staff.
Paulson is a major Republican donor and fundraiser.
He collected at least $100,000 for Bush’s 2004 campaign, earning the nickname “pioneer” reserved for Bush’s six-figure fundraisers. Paulson has donated at least $68,000 to GOP campaigns and party committees so far in the 2005-06 election cycle, including $25,000 to the National Republican Senatorial Committee and $15,000 to its House counterpart, figures compiled by the Political Money Line campaign finance tracking service show.
johmond: So proboards wants a contribution now, how about they put back 1MM's......
Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
Jed: Did you ALL know that Proboards was collecting and selling our personal information all these years??? Scroll to the very bottom of the donation page www.proboards.com/contribute See where it says “Do Not Sell My Personal Information"
Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
Feb 25, 2021 0:20:13 GMT -4
bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
Feb 25, 2021 16:14:52 GMT -4
narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4