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CNBC EXCLUSIVE: CNBC TRANSCRIPT: CNBC'S CHARLIE GASPARINO SPEAKS WITH JOHN MACK, MORGAN STANLEY CHAIRMAN & CEO, TODAY ON CNBC'S "POWER LUNCH" AT 1PM ET

WHEN: TODAY, FRIDAY SEPTEMBER 11TH AT 1PM ET

WHERE: CNBC'S "POWER LUNCH"

Following is the unofficial transcript of a CNBC ECLUSIVE interview with Morgan Stanley Chairman & CEO John Mack today, Friday, September 11th at 1PM ET on CNBC's "Power Lunch."

All references must be sourced to CNBC.

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CARUSO-CABRERA: RIGHT NOW THE END OF AN ERA ON WALL STREET. JOHN MACK IS STEPPING DOWN AS CEO AT MOREGAN STANLEY HE WILL STAY ON AS CHAIRMAN. HE'S WITH US ON "POWER LUNCH." CHARLIE GASPARINO IS STANDING AT HIS SIDE. TAKE IT AWAY.

GASPARINO: I'M COGNIZANT I'M SITTING IN STRIKING DISTANCE, HE'S IN STRIKING DISTANCE OF ME AS I ASK THESE QUESTIONS.YOU KNOW, THEY MADE AN INTERESTING POINT.THE STOCK IS GOING UP AS YOU'RE LEAVING. EXPLAIN THAT.

MACK: I CAN'T. MAYBE I SHOULD HAVE LEFT EARLIER. THAT'S GOT TO BE THE REASON

GASPARINO: WHY NOW? I HAVE HEARD THERE'S BEEN SOME TENSION WITH THE BOARD. YOU TAKE ISSUE WITH THAT.

MACK: ABSOLUTELY. THERE'S NO TENSION WITH THE BOARD. IF ANYTHING, WHEN I TOLD THE LEAD DIRECTOR THAT AT 65 I WANTED TO STEP DOWN OVER A YEAR AND A HALF AGO, HE USED 2010 AS I'M GETTING READY TO TURN 66, AND I INTERRUPTED AND SAID, NO, BOB, IT'S IN '09. SO WE'VE TALKED ABOUT THIS FOR A LONG TIME, AND WHY NOW? ONCE YOU START THAT PROCESS AND THE BOARD DID THEIR JOB, THEY HIRED A SEARCH FIRM, THEY LOOKED OUTSIDE THE FIRM, INSIDE THE FIRM, AND WHEN IT WAS CLEAR THAT JAMES GORMAN WAS THE RIGHT PERSON, THERE WAS NO REASON TO WAIT. WE HAD A BOARD MEETING IN JULY IN LONDON. TALKED ABOUT IT EXTENSIVELY THERE AND SAID LET'S GO FOR THE SUMMER BREAK AND THEN TALK WHEN WE GET BACK AND WE WERE READY AND WE DID IT.

GASPARINO: WHY IS JAMES THE RIGHT PERSON? IS IT THE BUSINESS MODEL THAT YOU'RE EMBRACING RIGHT NOW?

MACK: WELL, THE BUSINESS MODEL IS NOT CHANGING. LET'S BE CLEAR.WE'VE BEEN GOING BACK TO THE DEAN WITTER MERGER, WE'VE BEEN IN RETAIL FOR OVER TEN YEARS. THE SMITH BARNEY ACQUISITION, WHICH I THINK YOU'RE GOING TO REFER TO, IS JUST AN EXTENSION OF THAT.NOW WE'VE GONE FROM NUMBER FIVE TO NUMBER ONE --

GASPARINO: LET'S BE CLEAR FOR THE VIEWERS, THAT'S MERGING THE WHO BROKER DIVISIONS.

MACK: CORRECT

GASPARINO: YOU'LL HAVE THE LARGEST -- 20,000 BROKERS

MACK: 19,000, IT WILL BE THE LARGEST. SO WE'VE HAD THAT AS OUR STRATEGY FOR OVER 10 YEARS THE INSTITUTIONAL BUSINESS IS CORE AND KEY TO MORGAN STANLEY. AND JAMES SAID, WE HAD A TOWN HALL MEETING TODAY, CLEARLY HE'S RECOGNIZED THAT THAT PIECE OF THE BUSINESS IS CORE TO OUR DNA AND TO OUR SUCCESS, AND WE'RE NOT DE-EMPHASIZING AT ALL. WE'RE BUILDING IT UP. YOU SAW THAT ARTICLE NOT LONG AGO, THE NUMBER OF PEOPLE WE'RE HIRING INTO THAT BUSINESS. WE'RE CONTINUING TO GROW AND BUILD THAT BUSINESS, VERY IMPORTANT TO US.

GASPARINO: YOU'VE HAD AN AMAZING CAREER. 40 YEARS?

MACK: YES, 40 YEARS. STILL LIKE A HOLIDAY.

GASPARINO: ESPECIALLY WHEN DEALING WITH ME.

MACK: EXACTLY. IT TOOK ME 40 YEARS TO LIKE YOU, CHARLIE.

GASPARINO: THANK YOU. WE'LL LEAVE IT AT THAT. ONE CRITICISM, MAYBE TWO CRITICISMS BUT ONE CRITICISM OF YOUR RECENT MANAGEMENT IS THAT YOU LEVERAGE UP, YOU EMBRACE THE RISK MODEL AT THE WRONG TIME, IN 2005 OR WHEN YOU FIRST TOOK OVER AFTER PURCELL LEFT, AND THEN YOU DELEVERAGED AND SORT OF MOVED AWAY FROM RISK AT A TIME EARLIER THIS YEAR WHEN IT CLEARLY PAID OFF TO TAKE -- YOU MISSED THE BOND MARKET RALLY. HOW DO YOU RESPOND TO THAT?

MACK: TWO THINGS, NUMBER ONE, THE KIND OF RISK THAT WE GOT CAUGHT IN WAS LLIQUID RISK.A LOT OF IT WAS STRUCTURED TRADES, A COMPLICATED MORTGAGES, EVEN THOUGH OUR RISK MANAGEMENT HAD DONE THE ANALYSIS AND WE THOUGHT NO WAY THIS MARKET WOULD REACT THE WAY IT DID. WE WERE WRONG, SO WERE MANY OTHERS SO.WE'RE STILL TAKING RISKS. THIS IS A RISK BUSINESS.JUST THE OTHER DAY WE DID A DEAL ON 3.5 BILLION SHARES OF BARRETT GOLD WHICH WE WERE ABLE TO SELL AT FIRST WE HAD A SYNDICATE TO DO THAT.ON LEVERAGE, EVERYBODY IS DELEVERED. IF YOU GO PRIOR TO THE MELTDOWN, WE WERE OVER 30 TIMES LEVERAGED.

GASPARINO: HOW DID YOU LOSE MONEY AND NOT MAKE AS MUCH AS GOLDMAN.

MACK: THERE ARE DIFFERENT STROKES FOR DIFFERENT FOLKS. YOU HAVE TO COMPLIMENT LLOYD AND WHAT HE'S DONE, BUT AT THE SAME TIME WE DID NOT PUT IN PLACE THE FOOTPRINT THAT WE NEED FOR FLOWS OF BUSINESS TO MAKE SURE DISTRIBUTION WAS FOCUSED ON CLIENTS AND GETTING THOSE FLOWS, AND TO LLOYD'S CREDIT, THEY HAVE HAD THAT IN PLACE.

GASPARINO: LLOYD BLANKFEIN THE CEO OF GOLDMAN.B I BELIEVE MICHELLE HAS A QUESTION.

CARUSO-CABRERA: WE ARE GOING TO PUT UP A SCREEN HERE AND I THINK THIS MIGHT MAKE YOU WINCE. SINCE YOU TOOK OVER MORGAN STANLEY, BLACKROCK UP 150%, GOLDMAN SACHS UP 71%. JPMORGAN CHASE, UP 22%. MORGAN STANLEY DOWN 45%. YOU'RE BEATEN TO THE BOTTOM ONLY BY BANK OF AMERICA DOWN 62%. DOES THAT PERFORMANCE REFLECT YOUR VALUE AND WHAT YOU BROUGHT TO MORGAN STANLEY.

MACK: WHAT A GREAT QUESTION, AND ANEASY ONE. WHAT YOU NEED TO LOOK AT, NUMBERONE, THAT'S A MOMENT IN TIME.OUR STOCK HAS BEEN UNDER PRESSURE, BUT YOU GOT TO GO BACK OVER A YEAR AGO, STOCK TRADED $6.70. AND LIKE ERIC SAID, WHO IS A GOOD FRIEND OF MINE AND, ERIC, WE WILL PLAY SOME GOLF, BUT I GET A LOT OF STROKES FROM YOU, YOU KNOW, IF YOU GO BACK TO THAT PERIOD IN TIME, MORGAN STANLEY WAS UNDER TREMENDOUS AMOUNT OF PRESSURE. THERE WAS SOME SPECULATION WE WOULDN'T STAY IN BUSINESS. SO YOU'VE GOT TO THINK, ALL RIGHT, YOU GOT THROUGH THAT AND HOW IMPORTANT IS IT TO HAVE A FIRM THAT SURVIVED, THAT'S THRIVING, MARKET CAP CLOSE TO $40 BILLION. SO I THINK IT'S WHENEVER YOU WANT TO MEASURE IT. IF YOU WANT TO WAIT SIX MONTHS OR A YEAR AND MEASURE IT AGAIN, I'M CONFIDENT THAT THOSE NUMBERS WILL CHANGE DRAMATICALLY. SO PICK YOUR PERIOD OF TIME.YOU KNOW, IF YOU WOULD HAVE PICKED THAT PERIOD OF TIME IN THE FIRST QUARTER OF THIS YEAR, WE WOULD HAVE PROBABLY BEEN AT THE TOP OF THE LIST.

GASPARINO: YOU'RE GOING TO COME BACK, RIGHT? AND SIT HERE WITH ME --

MACK: ABSOLUTELY.

CARUSO-CABRERA: HOW WORRIED ARE YOU THOUGH THAT, LOOK, YOU ABSOLUTELY BROUGHT THE FIRM THROUGH THIS MOMENT OF CRISIS. IT SURVIVED. YOU SHOULD GET CREDIT FOR THAT, BUT HOW WORRIED ARE YOU THAT YOUR LEGACY IS WRAPPED UP IN THAT QUESTION THAT CHARLIE ASKED YOU, WHICH IS YOU LEVERED UP AT THE WRONG TIME, LEVERED DOWN AT THE WRONG TIME.

MACK: IT'S NOT ABOUT MY LEGACY. IT'S ABOUT THE FIRM.THIS FIRM SURVIVED. AS LONG AS IT THRIVES AND SHAREHOLDERS DO WELL, EMPLOYEES DO WELL, THAT'S WHAT IT'S ABOUT. IT'S NOT ABOUT JOHN MACK. IT'S ABOUT MORGAN STANLEY.

GASPARINO: JOHN, WE'RE ON THE ONE-YEAR ANNIVERSARY OF LEHMAN'S BANKRUPTCY, I GUESS IT'S NEXT WEEK. YOU WERE SITTING IN THAT ROOM WHEN THEY WERE DELIBERATING HOW TO SAVE LEHMAN, MAYBE THE STREETWAS GOING TO BUY THE TOXIC ASSETS, SOMEONE WAS GOING TO BUY THE GOOD STUFF, BARKLEY'S, THEY BOTH BARKCKED OUT.LEHMAN IMPLODED. DID ANYBODY IN THAT ROOM, DID HANK PAULSON, BEN BERNANKE, TIM GEITHNER, THE REGULATORS, THE CEOs, DID YOU HAVE ANY IDEA OF THE SYSTEMIC RISK THAT WAS GOING TO JUST EXPLODE THROUGH THE SYSTEM WHEN LEHMAN FINALLY -- WHEN THEY DID CAPITULATE?

MACK: WE ALL HAD A SENSE IT WOULD BE A DISASTER, BUT NO ONE THOUGHT IT WOULD ACTUALLY SHUT THE MARKETS DOWN, AND IT REALLY DID.

GASPARINO: BUT, YOU KNOW, THAT'S FASCINATING. IT'S ONE THING FOR YOU WALL STREET CEOs, YOU GUYS IT'S KIND OF THE FISH SWIMMING IN THE OCEAN. I ALMOST DON'T EXPECT YOU TO EXPECT THE SYSTEM SHUTTING DOWN.BUT PAULSON, BERNANKE, GEITHNER, THEY HAD NO CLUE?

MACK: I DON'T THINK THEY DID. THINGS WERE MOVING SO QUICKLY AND SO FAST THAT, YOU KNOW, THERE'S NO PLAYBOOK THAT'S EVER BEEN WRITTEN. YOU HAVE TO DEAL WITH IT WHEN ITHAPPENS, AND CLEARLY AFTER LEHMAN WENT DOWN AND MERRILL GETS BOUGHT BY B OF A AND YOU HAD THE PAYMENT SYSTEM DRY UP, I DON'T THINK ANYBODY ANTICIPATED THAT WOULD HAVE HAPPENED AND I THINK IF THEY HAD, THERE MAY HAVE BEEN A DIFFERENT OUTCOME.

GASPARINO: ONE THING THAT WEEKEND -- I DISAGREE WITH YOU A LITTLE BIT. I WAS SPEAKING WITH LARRY FINK YOUR FRIEND AND A SOURCE OF MINE AND I ASKED LARRY DO YOU THINK IT'S GOING TO HAPPEN, DO YOU THINK THEY WILL BAIL THEM OUT? HE SAID IF THEY DON'T BAIL THEM OUT, IT'S ARMAGEDDON. HOW DID LARRY THINK IT WAS GOINGTO BE ARMAGEDDON, BUT HANK PAULSON WHO HAS BEEN A CEO, TIM GEITHNER, WHO HAS BEEN IN THE REGULATORY APPARATUS, BEN BERNANKE, AN ECONOMIST WHO I GUESS STUDIED THE GREAT DEPRESSION, HOW DID THEY NOT KNOW THIS? DON'T YOU THINK WE'RE LETTING THEM OFF THE HOOK TO HAVE REGULATORS THAT DID NOT KNOW WHAT MIGHT HAPPEN IN SOME RESPECT, YOU KNOW?

MACK: NO, CHARLIE, I DON'T THINK SO. LARRY IS A VERY SMART GUY.TO HIS CREDIT AND TO THE REGULATORS A CREDIT THEY TALKED TO HIM FREQUENTLY. I'M SURE HE HAD A CHANCE TO IMPART THAT TO THEM.AGAIN, HE HAD A VIEW AND MAYBE SAW IT DIFFERENTLY.I'M SURE IT WAS SHARED WITH THEM. AGAIN, THESE WERE UNUSUAL TIMES, AND I THINK THEY DID A SUPERB JOB.

GASPARINO: BILL, DO YOU HAVE A QUESTION?

GRIFFETH: I DO, MR. MACK, BILL GRIFFETHHERE. I'M CURIOUS, FOR GENERATIONS WALL STREET HAS BEEN THE PLACE TO GO FOR YOUNGER GENERATIONS COMING OUT OF COLLEGE TO MAKE MONEY. I MEAN, THAT'S BEEN THE ASPIRATION FOR THOSE PEOPLE WHO COME TO WALL STREET.BUT THE BOOMS AND THE BUSTS OF THE LAST COUPLE OF DECADES HAVE GOTTEN BIGGER AND BIGGER AND THEY'VE TAKEN A TOLL ON THE U.S.ECONOMY TO THE POINT NOW WHERE WALL STREET IS TAINTED AND THE GOVERNMENT IS BECOMING MORE INTERVENTIONIST IN THIS WAY.HERE IS A QUESTION I HAVE FOR YOU. THE RESULT OF ALL WE'VE BEEN THROUGH IN THE LAST YEAR, WILL WALL STREET CEASE TO BE AT LEAST FOR THE FORESEEABLE FUTURE SUCH AN ASPIRATION DO YOU THINK FOR YOUNGER GENERATIONS TO COME MAKE MONEY?

MACK: AGAIN, BILL, YOU HAVE TO LOOK BACK AND GIVE IT SOME PERSPECTIVE. CLEARLY, THERE'S BEEN A LOT OF PRESSURE AND I THINK PUBLIC OPINION ABOUT WALL STREET IN A WAY IT OPERATED, IN A WAY IT PAYS PEOPLE, ET CETERA. BUT IF YOU GO BACK 15 YEARS AGO AND YOU TALK ABOUT THE INTERNET BOOM, I REMEMBER GOING TO THE HARVARD BUSINESS SCHOOL OR THE SCHOOL AT DUKE, SOME OF THESE KIDS WERE DROPPING OUT EARLY AND GOING TO SILICON VALLEY OR STARTING THEIR OWN COMPANY. A LOT OF IT IS THESE KIDS ARE VERY SMART. THEY WANT TO GET ON THE TREND, WHATEVER THAT TREND IS, AND IF IT'S THE INTERNET BOOM, THEY'RE THERE.IF IT'S WALL STREET, THEY'RE HERE.IF IT'S PRIVATE EQUITY, THEY'RE THERE.

GRIFFETH: BUT WILL IT CEASE TO BE WALL STREET, ESPECIALLY, AND LET ME EMPHASIZE THIS AGAIN, THE PART ABOUT MORE GOVERNMENT REGULATION, WHICH SEEMS TO BE ON ITS WAY.

MACK: WELL, IT'S GOING TO BE A DIFFERENT WALL STREET.IT'S STILL GOING TO CREATE A LOTOF OPPORTUNITY FOR THESE YOUNG MEN AND WOMEN. I JUST ADDRESS A NUMBER OF THE YOUNG SUMMER ASSOCIATES.THIS IS THE TIME YOU WANT TO COME IN BUSINESS BECAUSE A LOT OF PEOPLE WHO SAID -- PEOPLE WHO HAVE BEEN IN BUSINESS 10 OR 20 YEARS HAVE SAID, I'VE HAD IT. I'VE TAKEN EQUITY AS PART OF MY COMP. I'VE LOST T I'M GOING TO DO SOMETHING DIFFERENT. WHEN PEOPLE ARE GOING THE OPPOSITE WAY OUT THE DOOR, THIS IS WHEN YOU WANT TO COME IN THE DOOR.

GASPARINO: JOHN, YOU SURVIVED, I GUESS, THE SORT OF BATTLE OF THE BULGE OF WALL STREET, RIGHT? YOU SURVIVED LAST YEAR ON MORGANSTANLEY, GOLDMAN ALMOST WENT UNDER, SOME FIRMS DID GO UNDER. THIS IS LIKE ONE OF THESE QUESTIONS WE HAVE TO ASK.

MACK: SURE.

GASPARINO: HAS WALL STREET LEARNED NOT TO TAKE' NOR ENORMOUS RISK? ONE THING EVERYBODY HAD IN COMMON WAS EMBRACE OF RISK BEYOND ANY MEANS IMAGINABLE. BEYOND EVEN HOW MUCH ITS WORTH YOU DIDN'T MAKE AS MUCH MONEY COMPARED TO THE AMOUNT OF RISK YOU TOOK

MACK: CHARLIE, IT'S JUST NOT AS SIMPLE AS TAKING TOO MUCH RISK.ABSOLUTELY. I MEAN, IF CREDIT WAS BASICALLY FREE, YOU ACTUALLY GOTPAID TO TAKE RISK. UNFORTUNATELY, AND CHUCK GOT CRITICIZED FOR THIS A GREAT DEAL, CHUCK PRINCE, WHEN THE MUSIC PLAYING PEOPLE HAD TO DANCE. WHAT WE DID LEARN AND AGAIN I THINK IT'S VERY IMPORTANT, THERE NEEDS TO BE A LIMIT TO LEVERAGE. TO HAVE FIRMS AT 30 AND 40 TIMES LEVERAGE, AND WE GOT TO 32 TIME LEVERAGE, CLEARLY THAT WAS A MISTAKE.

GASPARINO: THE FED IS IN YOUR OFFICE RIGHT NOW THEY'RE CAMPING INSIDE MORGAN STANLEY AND THE REMAINING --

MACK: ABSOLUTELY.

GASPARINO: DID THEY COME TO YOUR OFFICE AND SAY YOU'RE INCHING UP TO 15 TO 1.

MACK: NO THEY'RE NOT DOING THAT BUT WE HAVE AN UNDERSTANDING THAT OUR RISK AND OUR MODELS AND OUR ANALYSIS AND OUR RISK MANAGEMENT SYSTEMS HAVE TO BE MUCH MORE ROBUST AND THOROUGH AND THEY DO WORK WITH US ON THAT.

GASPARINO: SO YOU'RE SAYING THAT THE CONCEPT OF MORAL HAZARD WAS ESTABLISHED DESPITE THE FACT THAT WALL STREET, EXCEPT FOR A COUPLE FIRMS, HAS BEEN SAVED. MORAL HAZARD MEANING YOU GUYS UNDERSTAND WHAT'S GOING ON.

MACK: WELL, WITHOUT QUESTION WE DO, AND WE HAVE, I THINK, A VERY GOOD WORKING RELATIONSHIP WITH REGULATEORS AND SOME OF THE CHANGES I THINK WE NEED TO MAKE. ONE OF THE THINGS THAT I'M SOMEWHAT DISAPPOINTED IN, I KNOW THERE'S GOING TO BE SOME CHANGES, WE'VE LOST A LITTLE STEAM ABOUT GETTING THE REGULATORY REFORM. WE DO NEED THE SYSTEMIC RISK MANAGEMER

GASPARINO: MICHELLE HAS A QUESTION, BUT I WANT TO ASK YOU ONE QUICK ONE.WHO WILL REPLACE JIM GORMAN AS HEAD OF THE BROKERAGE DEPARTMENT? THAT'S A BIG QUESTION FOR A LOT OF WALL STREETERS. 20,000 BROKERS, THIS GUY HAS BEEN AROUND FOR A WHILE.WHO IS GOING TO REPLACE HIM?

MACK: HE'S THE CHAIRMAN OF THE MORGAN STANLEY/SMITH BARNEY VENTURE.CHARLIE JOHNSON RUNS IT, HE WILLCONTINUE TO RUN IT REPORTING TO jAMES.

CARUSO-CABRERA: WHAT'S NEXT FOR YOU? IS THIS RETIREMENT? THEY'RE TALKING ABOUT RAISING THE RETIREMENT AGE SO THAT WAY SOCIAL SECURITY KICKS IN LATER. YOU'RE ONLY 65.

GRIFFETH: CAN YOU WAIT FOR SOCIAL SECURITY?

MACK: WELL, I FEEL A LOT YOUNGER THAN 65.I GUESS MAYBE I FEEL 55. I'M NOT SURE.I'M NOT GOING TO RETIRE.I HAVE SAID TO THE BOARD, I HAVESAID TO JAMES, I HAVE SAID TO OUR EMPLOYEES AT MORGAN STANLEY, I'M HERE AS CHAIRMAN. I LOVE CLIENTS. I LOVE DOING DEALS.I HAVE TALKED TO FOUR OR FIVE CEOs THIS MORNING. I HAVE TALKED TO STEVE SCHWARZMAN AND CALLED HENRY KRAVIS TO TALK TO THEM ABOUT WAYS I CAN WORK WITH THEM. I TRAVEL ALL THE TIME. SO I LOOK AT BEING THE CHAIRMAN AS HELPING JAMES WHEN HE NEEDS ME. DEALING WITH CLIENTS AND TALKING WITH REGULATORS AND POLITICIANS AROUND THE WORLD. I LOOK FORWARD TO IT

GASPARINO: OUR TIME TOGETHER IS COMING TO AN END.

MACK: I'M SO SAD, CHARLIE.

GASPARINO: BEFORE I LET YOU GO, THIS IS THE MOST -- I'M SAVING THE MOST IMPORTANT QUESTION FOR LAST. WHY DO THEY CALL YOU MACK THE KNIFE? NOTHING TO DO WITH A KNIFE OR --

MACK: NO, I THINK BACK IN THE LATE 80s WE SAW THAT THERE WAS GOING TO BE A TURN DOWN AND I LET GO A LOT OF PEOPLE AND MACK AND KNIFE WENT TOGETHER WHEN I BECAME PRESIDENT SO THEY JUST WENT WITH MACK THE KNIFE.

GASPARINO: SINCE YOU ANSWERED IT SO QUICKLY ONE MORE.

MACK: ANYTHING YOU WANT, CHARLIE.

GASPARINO: DID THE CONTROVERSIAL POLITICAL CONSULTANT TOM NIDES, WHAT DID HE DO FOR YOU COO?

MACK: HE WOULD TELL YOU HE ACTUALLY MANAGES ME.

GASPARINO: IS HE THE GUY THAT MADE YOU ENDORSE HILLARY CLINTON?PLEASE TELL US THAT'S THE CASE.THEN YOU DON'T HAVE RESPONSIBILITY.I CAN STILL LIKE YOU.

MACK: I WAS VERY CLEAR ONCE CHRISTY AND I GOT TO KNOW THE SENATOR, WE ENDORSED HER. SHE'S TERRIFIC

CARUSO-CABRERA: SHE WENT TO WELSLEY I'M A BIG FAN.

MACK: I'M A BIG FAN, TOO.

CARUSO-CABRERA: I UNDERSTAND THE TOWN HALL YOU HELD WAS VERY EMOTIONAL.TELL US WHY AND WHAT YOU TOLD THEM AND WHAT THEY ASKED YOU ABOUT.

MACK: IT WAS EMOTIONAL IN A SENSE THAT IT CAME ACROSS THAT WHILE ICHUMA(?) WHO CLEARLY WANTS TO STAY IN EUROPE JAMES GORMAN AND MYSELF CAME ACROSS AS THE WAY WE ARE, VERY NATURAL.WE LIKE EACH OTHER. WE WANT TO WORK TOGETHER. WHILE LEE IS NOT LEAVINGI'M NOT LEAVING. WE'RE HERE TO HELP JAMES AND HELP THE FIRM, AND IT WASN'T SCRIPTED, AND THERE WERE WONDERFUL STORIES TOLD, AND IT REALLY SHOWS OUR CULTURE AND HOW WE'RE A PARTNERSHIP. SO I THINK THAT WAS THE EMOTIONAL PART. IT HAD REAL IMPACT ON THE FIRM.

GASPARINO: YOU ARE GROWN-UPS.

MACK: WE ARE BIG BOYS.

GASPARINO: THANKS FOR COMING.


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