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.

What was the speaker's reaction to the suggestion of filing for bankruptcy?

What did the speaker imply about their decision-making during the crisis?