Morgan Stanley Almost Went Out of Business: Mack

The transcript discusses the challenges faced by Morgan Stanley during the 2007-2008 financial crisis, including the threat of bankruptcy and pressure from the Federal Reserve to sell the firm. Despite advice from key financial figures to file for bankruptcy, the decision was made to defy this advice, driven by a gut feeling that it was the wrong move.

During the 2007-2008 recession, what major financial challenge did Morgan Stanley face?

• A significant drop in cash reserves

• A sudden increase in stock prices

• An unexpected rise in employee salaries

• A surge in new client accounts

Who at the Federal Reserve was pressuring Morgan Stanley to sell to Jamie Dimon?

• Ben Bernanke

• Hank Paulson

• Tim Geithner

• Alan Greenspan

What was Jamie Dimon's response to the idea of buying Morgan Stanley?

• He offered a high price for the firm

• He was eager to buy the firm

• He was not interested in buying the firm

• He wanted to merge with the firm

Which financial leaders were involved in the phone call suggesting bankruptcy for Morgan Stanley?

• Warren Buffett, Jamie Dimon, and Lloyd Blankfein

• Janet Yellen, Alan Greenspan, and Paul Volcker

• Christine Lagarde, Mario Draghi, and Mark Carney

• Ben Bernanke, Hank Paulson, and Tim Geithner

How did the narrator react to the suggestion of filing for bankruptcy?

• He agreed immediately

• He asked for more time to decide

• He considered it carefully

• He strongly refused and hung up