Morgan Stanley CEO John Mack didn’t think he’d spend his birthday this way, affixed to a screen watching shares of his bank drop to $11.22 apiece, and taking along with it a chunk of his savings. Of course, Lloyd chose today to give up his bonus, the insensitive dick, and now John will probably have to, too. Again. Everywhere he looked, it seemed, the world was falling apart around him — the Dow closed down 220 points, Bank of America was down 8.5 percent, BlackRock, Putnam, Fidelity … Citigroup CEO Vikram Pandit had had perhaps the roughest day of all: He’d had to announce layoffs of over 50,000 people worldwide, and insiders told the New York Times that he was “struggling to retain control” of the giant. But Pandit, like him, would be fine, Mack reasoned; they had millions to fall back on, unlike most of the approximately 70,000 New York finance professionals Moody’s is now predicting will be out of work by 2010. He’d make a wish for them on his birthday cake tonight, he decided. It was the least he could do.
Birthdays and Weddings [Cityfile]