Never let it be said that John Mack, chief executive of Morgan Stanley, isn't trying to do his best. First, he lit a small rocket under Morgan Stanley's share price.

Second, the discussion with BlackRock and its leader, Larry Fink, showed real imagination, even if the numbers didn't add up. Third, Mack has realised that having Zoe Cruz as sole acting president made him look foolish, so by promoting Robert Scully, a banker, to be co-president with Cruz, he saved face all round.