john mack. crisis and his take on crypto these days. wee talk about that next. as we head to a break take a look at the biggest premarket winners and losers in the s& >>> welcome back to squawk box. former morgan stanley chairman and ceo john mack out with a new book titled" up close and all in". i spoke with john mack in an interview. he reveals he has dementia. we'll hear from him about that later this morning. first we asked him about what led him to write the book. >> well, a lot of people said to me john, you ought to write a book. you've had an up believable career. you got the firm through the crisis. you've been very successful. it kept coming up and coming up but it really started about three years ago where we started working on it. it's been in my ear for ten years. >> what do you want people to know >> i want people to know that in business it's critical that you have to make tough decisions. not all your decisions are going to be right. when they are the wrong decision you pick your

in recent decades, one of the most important figures on wall street is john mack. led -- john rose from modest circumstances to become a godly figure on wall street are quite some time. i sat down with john to discuss his life story and what he sees as the future of wall street. you spent more than 50 years on wall street and probably the most difficult time was during the 2007, 2008 recession where morgan stanley came close to going under. was that the most difficult time of your career? john: no question. david: you thought you had a good cash reserve for a while, but all of a sudden people started pulling cash out, your cash reserves started going down . how close did you come to going bankrupt? john: very close. tim geithner are at the fed was trying to get us to sell to jimmy -- jamie dimon at the time. i called jamie and said, " you will buy the firm." he said, " i don't want your firm." he said, " john, if you forced me to do it i would pay you two dollars a share." i was not going to listen to them. as a result, we called our borden and we are think -- boar

it is john mack. i would meet these recruiters and got a number of job offers, and then i decided i like the securities business. smith barney wanted to open an office at that time in atlanta, and they offered me a job and i took it. ♪ david: you went to smith barney. what did you do there? were you a registered investment rep or stockbroker? john: exactly. we started out a training class. then i got my brokerage license. i was approached by the head of the municipal bond division. why don't you come into the bond business? i really did not want to go to open an office in atlanta, so i took that job, so i got in the bond business, and i was a trader on the bond desk. in municipals. at some point, that led smith barney to getting in on the corporate bond market, and i transitioned over to corporate bonds. and then from there, they told me it could be all commission, which they never did, and i got approached by a small boutique firm called smithers, which was really known for their bond acumen in the b

it is john mack. would meet these recruiters and got a number of job offers, and i decided i like this business. smith barney wanted to open an office at that time in atlanta, and they offered me a job and i took it. ♪ david: you went to smith barney. what did you do there? john: we started out a training class. then i got my brokerage license. i really did not want to go to open an office in atlanta, so i took that job, so i got in the bond business, and i was a trader on the bond desk. that led smith barney to getting in on the corporate bond market, and i transitioned over to corporate bonds. i got approached by a small boutique firm called smithers, which was really known for their acumen and bond business. david: i have often thought to be a good trader, you have to be pretty quick in your head with numbers. is that true? john: that is true, but i think as a salesman, much more so. that business is a commodity business. it is about relationships, so if you can build a relationship with your clien

john mack had us run multiple teams.e mitsubishi team, we had a liquidity team, we had a couple of other strategic ideas, and, frankly, we weren't confident that we would get across the finish line with mitsubishi. there we plenty of times along the way where it was unclear whether we would make it through the weekend. i remember one, in particular, where i was on the phone with the treasury and did not think we would make it through the weekend, and fortunately, we were able to become a bank holdi company. david: well, morgan stanley obviously prospered through the period of time, they survived, and you did quite well, and then someday somebody called you up. i don't know who it was. was it a headhunter, was it somebody from google saying, "we'd like you to be considered to be the cfo?" were you surprised at that offer because you were a wall street person, you weren't a technology person? ruth: so, actually, it was a very different path to the question. i was on the stanford board and had the opportunity to spend some

tomorrow a special interview with former morgan stanley chairman john mack he's author of a new bookcrisis we're going to get personal with him with some important news stay tuned, you're watching "squawk box" on cnbc ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. the new iphone 14 pro is amazing. be ready for any market the camera is incredible. and you'll get our best deal. nice, but i can't accept it. unless every business gets the best deal. on every iphone. uh, actually... we already do that. the plumber with the ascot! big bjorn, little bjorn, too! the caterer who really cares. every business should get the deal! we make a good team. every business gets at&t's best deals on every iphone. including up to $800 off iphone 14 pro. (♪ ♪) >>> let's get down to the new york stock exchange with jim cramer the inflationary picture will be riding on the markets today. >> yeah, it's just plain bad there's absolutely nothing to say about it other than it's bad. a lot of people are hoping the numbers could be good, maybe accepting tomorrow's going to be bad. the o

neil: guys that i respect, john -- john mack and lloyd blank fine --blankfein george's book at the book07, just known as cautious, where banks had to restrain their lending on bad loans. they were in the seventh inning. we were at the end of that. we are at the beginning of it. take what they say with a grain of salt, they don't always know. neil: it comes to the you know what. charles: jamie doesn't. neil: sound like you are afraid to say things. charles: his pr stuff has to scramble, he really didn't mean that. no one gives anything about esg investment. charles: to neil: he said that are hearing. charles: challenging the squad members as idiotic. neil: that is a little more frank. charles: that is the metric. but charlie meant to say -- thank you, my friend. meanwhile, black rock and whether they are too politically correct in their estimate strategy. a number of things across the country surrounding them around the country, saying we don't need you and that extends to treasurers offices. jackie deangelis on the latest on that. >> reporter: picking up on that esg thing in missouri, t

the author of five books including "the believer" about the harvard psychiatrist john mack who investigated u if fos -- ufos and alien encounters. we'll talk about this in a minute. we'll starlet with professor if barrett. -- start with professor barrett. give us a little bit of your background, specifically your work on justice robert jackson. >> thank you, paul, for this opportunity and really the privilege to be at the roosevelt library and homestead in every sense except actual. the path that led he to all of this us -- was really being a lawyer at first. i worked in the bureau of investigations for about seven years and then became a law professor. among hi areas, public life, public figures, legal ethics and constitutional law. and sort of a converging on the supreme court and the people on the court. and robert jackson in particular, someone who was in roosevelt's cabinet as attorney general, was confirmed by the senate through roosevelt appointments to five separate jobs in a very short run of years, became my big project. and for our topic, it matters that jackson was an assistant

author of five books, including the believer about the harvard psychologist john mack who investigated ufos an alien encounters. he actually has a very direct connection with fdr, we will talk about that in a minute. we will start with professor barrett, give us a little bit of your background specifically with your work on justice robert jackson. >> thank you, paul for this opportunity, and really the privilege to be at the roosevelt library at homestead in every sense except actual. the path that led me to all of this was really being a lawyer in washington at first. i worked with the department of justice in different federal investigations for about seven years. i then became a law professor. among my areas public life, public figures, legal ethics and constitutional law. sort of a converging on the supreme court and the people on the core. robert jackson in particular. someone who was in roosevelt's cabinet as attorney general. was confirmed by the senate in five different jobs in a very short run of years. he became a big project. for our topic it matter that jackson was a named

the author of five books including "the believer" about the harvard psychiatrist john mack who investigated u if fos -- ufos and alien encounters. we'll talk about this in a minute. we'll starlet with professor if barrett. -- start with professor barrett. give us a little bit of your background, specifically your work on justice robert jackson. >> thank you, paul, for this opportunity and really the privilege to be at the roosevelt library and homestead in every sense except actual. the path that led he to all of this us -- was really being a lawyer at first. i worked in the bureau of investigations for about seven years and then became a law professor. among hi areas, public life, public figures, legal ethics and constitutional law. and sort of a converging on the supreme court and the people on the court. and robert jackson in particular, someone who was in roosevelt's cabinet as attorney general, was confirmed by the senate through roosevelt appointments to five separate jobs in a very short run of years, became my big project. and for our topic, it matters that jackson was an assistant

chris mack john is talking about both sides of his mouth here.ow meantime did he vote for that during the trump administration? a heck of a lot. reality is, that biden isn't stopping any drilling that is happening in north dakota. the oil companies don't need to drill right now. it is simple market economics. if you can exploit it, they will. becker mac first off, you are so wrong about that. they can't get any newly -- they have leases, but he blocks them on getting the permit. then, if they actually get through that process, which he is not letting them through then the environmental community holds them up in court. venezuela or somewhere else to get energy instead of just getting it from -- chris mack 17,000. >> i have worked my whole career -- but biden is stopping this. he put the handcuffs on our producers and katrina is going to help. i can see why these two take turns, they are helping each other. rick becker is helping the democrat party in obviously trying to deny -- [indiscernible] mr. becker: they are working together, it is amazing

. >> reporter: last year louisiana governor john bel edwards granted him clemency. despite what he's been through, macke of the music industry. volunteering here at this after-school program. >> kids is going to blurt out whatever. i love to see them learn. i love to see the look in their eyes when they learn something new. you know, it kind of almost makes me relive my youth in that split-second again. >> reporter: while mack empathizes with thug and gunna, he has a warning to young rappers out there who may face the same fate. >> be mindful that anything you say can be used against you. >> what's your advice, i guess, to that next generation of artists, particularly black artists, who are looking to rap, looking to become the next hip-hop star? what do you say to them? >> if you love what you do, do it. and i would definitely not tell them to censor their art. that's what people like myself and others are here to try to make sure that they don't have to censor their art, that they can be free, that they could express themselves. >> our thanks to ashan. >>> coming up, the movement, two hip-hop veteran

maria: john lonski, jump if in here. you're studying the mack he croo stories.ecline in a slowing economy is advertising spending, right? >> that's correct. and of course this is warning us of a he slowdown by consumer spending that ought to become very apparent this holiday shopping season and this goes into 2023, consumer spending is slowing down for a very simple reason and that is we've had prices outrun wages by too wide of a margin for too long and on top of that you have interest rates, borrowing costs that are at highs that have not been seen in a very long while. maria: yeah. it's right. dan ives, thanks for joining the conversation. great to see you this morning. we so appreciate as we look at the 10 year treasury up 8 basis points at 4%. thank you, dan ives. quick break and then batter up, the world series is kicking off tonight. it's on fox. a live report from houston when we come back. ♪ buy me some peanuts and cracker jack. ♪ i don't care if i never get back. ♪ let me root, root, root for the home team. ♪ if they don't win it's a shame. ♪ it's one,