John Mack Quotations

We're going to get some reality back in the market.

Unless some heads roll, we will return to some dark, bad, old days of the LAPD,

Morgan Stanley has tremendous strengths as a global financial services firm, but it is clear that our current level of profitability is unacceptable and we need to improve our performance, ... Our overriding goal for Morgan Stanley is to be the clear leader in offering premier, innovative financial services to our clients, while delivering superior returns to our shareholders. The decisions to keep Discover, divest the aircraft leasing business and strengthen our retail business are our first steps toward achieving that goal.

Morgan Stanley achieved strong revenue growth this quarter, particularly across all aspects of our institutional securities business,

Nothing can get better than that. As a comedy writer, this ranks right up there with Bill Clinton dating an intern.

Basically, with few exceptions, we have missed the alternative class. There's certain products we've not been involved in that we should be involved in and will invest in.

Given the management changes and other distractions the firm has haced over the past nine months, this impressive performance is a testament to the talent and commitment of our people and the fundamental strength of our franchise,

There is a great deal that we can and must do to improve its performance.

To compete effectively with other top-tier financial services firms, we need to drive down cost and seek ways to operate more effectively,

I also believe, John, that your ability to accelerate the changes needed can be facilitated by a remake of Morgan Stanley's Board of Directors,

Joe Roby's leadership during his 28 years at DLJ was instrumental in building that firm into a leading investment bank, ... We wish Joe continued success in his new role at CSFB.

Regarding use of force, firing of the weapon, the police commission found that the use of force was out of policy.

We now have in place the key members of the team to continue driving improved performance.

That was in the D.A.'s court. Now the ball is in the court of the LAPD.

We continued to produce outstanding results, with nine-month earnings 35 percent ahead of last year's record pace. Our third-quarter results reflect significant breadth, with record operating results in Discover Card and asset management and another outstanding quarter in the securities business.

When you go overseas, you see excitement, for whatever reason, you don't see here.

We certainly see a lot of people coming to us with Internet businesses to sell, ... But the deals are not getting done because these companies have no revenue and no tangible assets.

We are very pleased that CSFB has returned to profitability in the first quarter...in this challenging market environment.

AWAS is a strong business with superb management, but it does not fit our strategy.

This is a very serious matter. Any loss of human life is tragic, especially if it is a 13-year-old young boy.

It's to the mayor's credit that he reached out. The inclusive nature of his appointments will mean a rich new diversity of opinions and ideas, to the benefit of the city.

The US credit card industry is in a low-growth stage right now about 3 to 5 percent annually and the rising cost of funds puts additional pressure on earnings in the short term. But given the strengths of Discover, its powerful brand name and its continuing strong return on investment, retaining the business and investing in it over time give us a good chance to create value through domestic growth in excess of industry trends, growth in international profit and the unique opportunities in the payments business.

Small- to medium-sized transactions are typically not affected in a downturn.

Investment Management is a key business for Morgan Stanley, one that we are deeply committed to investing in and growing.

Aircraft leasing is not a business that fits with our strategy.