Nov 14, 2019
Common sense arrives on Wall Street
The financial crisis saw bank CEOs engaging in some extremely dangerous activities. For instance, Andrew Ross Sorkin recounts a fraught journey by Morgan Stanley CEO John Mack in his book, "Too Big To Fail."
Background: Mack had been summoned from his office in Times Square to the New York Fed, and so he jumped into his chauffeur-driven Audi, only to find it stuck in traffic on the West Side Highway.
- Mack's driver, a former police officer, beat the traffic by "speeding" down a separated bike lane that runs along the Hudson River instead.
Goldman Sachs CEO David Solomon knows that it would have been quicker still for Mack to have just jumped on a subway from midtown. (Or, if he wanted to borrow a move from Michael Bloomberg, get his driver to drive him to the 4 train.)
- Although some of his board members are reportedly horrified, Solomon tells Fortune that he regularly travels by the most efficient means available. "Why wouldn’t you take the subway?” he told reporter Jen Wieczner. “It’s quicker and more efficient."
Go deeper: CEOs are America's new politicians