- Fed's Tarullo Backs Surcharges to Limit Bank Size
- Look Ahead: 'Risk On' Sentiment Could Fuel Rally Further
- European Commission Objects to Sun Micro-Oracle Deal
- Obama Sees Strains Unless US, China Balance Growth
- JPMorgan Lifts Salary Freeze Amid Recovery
- Can Apple Top Microsoft as Most Valuable Tech Firm?
- Do You Know Your Coca-Cola Myths?
- Buffett to Sell Stakes in Norfolk Southern, Union Pacific
- Cramer: 5 Stocks to Play the Next Bull Run
- Why Google is Paying $750 Million for Ad Mob
- Warren Buffett to Sell Stakes In Union Pacific & Norfolk Southern
- Nov. 9: Unusual Volume Leaders
- The Battered Businesses Behind Housing
- Modern Warfare 2's Record-Breaking Launch
- Merck’s Mega-Monday Morning
- Why are Traders Bullish on This Food Company?
- Profiting From Natural Gas: Strategists
- S&P Stocks Trading at New 52-Week Highs
MOST SHARED
- Obama Sees Strains Unless US, China Balance Growth
- Future of Marketing
- European Commission Objects to Sun Micro-Oracle Deal
- Priceline Crushes Profit Forecasts; Shares Jump
- Oil Tomorrow
- Mad Mail: Buy the Berkshire Hathaway Split?
- Can Apple Top Microsoft as Most Valuable Tech Firm?
- Nov. 9: Unusual Volume Leaders
- Cramer: 5 Stocks to Play the Next Bull Run
Text Size 
 |
Goldman Sach's Lloyd Blankfein and Morgan Stanley's John Mack |
There’s an interesting Wall Street love story developing here, between John Mack CEO of Morgan Stanley and Lloyd Blankfein CEO of Goldman Sachs.
Traditionally, Goldman Sachs [GS
Loading...
()
] and Morgan Stanley [MS
Loading...
()
] have been bitter rivals, competing on deals and trashing each other to the press. But since the financial crisis began, Mack and Blankfein have become "best friends forever…"
CNBC has learned that the two have been dining together regularly, including this last Monday.
This is fueling speculation that the two firms, both under tremendous pressure as they change their business models from investment banks to commercial banks, are considering a merger of some sort.
Senior executives at both firms have said that this is not the case, these were not merger negotiations, but instead, informal strategy sessions. Both Mack and Blankfein know they face similar problems in remaking their firms and are sharing ideas.
Sources close to both firms tell me that this relationship became “increasingly intimate” just after the Lehman Brothers Holdings bankruptcy, and as shares of both Morgan and Goldman began to decline. That’s when they began dining together regularly.
The dinner took place at the Palm restaurant in Manhattan, and John Mack paid, sources say. As reported, Blankfein is not taking a bonus this year, so maybe that has something to do with it.
Print
Email
- Do free market libertarians really believe what they say about ethics and shareholder value? The Big Money takes a look.
- Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
- On the anniversary of the fall of the Berlin Wall, many in the former Eastern Bloc recall communism fondly.
- Software, biotech firms, even banks are watching a particular Supreme Court argument today.
- From politicians to CEOs to companies, here's your chance to vote for the winners and losers of 2009.
- A new sinister Internet viruses can turn you into an unsuspecting collector of child pornography.
Data is a real-time snapshot *Data is delayed at least 15 minutes