Kevin Allocca of TV Newser reports Monday that Morgan Stanley chairman John Mack was on CNBC at noon talking about the economy while at the same time rival Fox Business Network was reporting layoffs at the Wall Street firm.
Allocca writes, “While Mack was on CNBC starting at noon, over on Fox Business — at 12:02 — former CNBCer Charlie Gasparino was breaking news of potential big layoffs at none other than Morgan Stanley — as many as 1,200 employees cut and 300 branches closed.
“‘It is worse than anything I can imagine,’ Gasparino said of the cuts. ‘We are talking major cutbacks following the merger of its brokers department with Citigroup.’
“Over on CNBC, when asked about growing concerns about the problems in the EU, Mack said, ‘This doesn’t feel like the crisis that I went through [in 2008], so I feel a lot better about it.'”
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