This was seen in the Wall Street Journal online edition:
The Journal continued with its criticisms, which certainly went beyond one unlucky trade: “In addition, under Mr. Mack’s watch, Morgan Stanley in February 2006 paid $1.76 billion for a credit-card company, Goldfish, only to see its value written down by $422 million a few weeks ago. He acquired a subprime-mortgage company, Saxon Capital Inc., for $706 million last December, even as warnings about the subprime storm were being sounded.”
And rather than quoting subordinates, who spring to his defense, the Journal quotes the best sort of analyst: the retired kind, who can speak his mind without losing access:
“He’s a chronic destroyer of value,” said Kevin Murphy, a former Morgan Stanley airline analyst who is now retired and recently sold his stock. “He’s a nice person, but you put this guy in the corner office and there’s an X-factor where he hurts himself.”
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