John Mack

Two U.S. senators, closing a yearlong probe into whether the Securities and Exchange Commission mishandled insider-trading allegations involving Morgan Stanley Chief Executive John Mack, called on the agency Friday to change its methods to restore public confidence. Sen. Charles E. Grassley (R-Iowa) and Sen. Arlen Specter (R-Pa.

John Mack, 78, the longtime principal oboist with the Cleveland Orchestra who was regarded as the dean of American oboists for several decades, died Sunday at a Cleveland hospital of complications from brain cancer. Mack became the principal oboist in Cleveland in 1965. He toured and recorded with the orchestra under a series of demanding conductors, including George Szell, Lorin Maazel and Christoph von Dohnanyi. He retired in 1981 because of failing health. Mack was born in Somerville, N.J.

A fledgling effort to buy the New York Stock Exchange -- and potentially derail its acquisition of an electronic rival -- gained steam Monday as a top Wall Street figure became involved in the campaign launched by Kenneth Langone, a former NYSE director. John Mack, the former head of Credit Suisse First Boston, joined Langone in a meeting Monday afternoon with senior executives from major Wall Street firms that could lend financial support, including Merrill Lynch & Co. and Lehman Bros.

Morgan Stanley is in talks with former President John Mack about his possible return to the investment bank as chief executive, a source familiar with the situation said. Mack would replace Philip J. Purcell, who announced his resignation June 13 after a bitter public battle with dissident shareholders. Andrew Walton, a spokesman for Morgan Stanley, declined to comment. Becoming Morgan Stanley's CEO would be a homecoming for Mack, who in 2001 was ousted by Purcell as the brokerage's No. 2.

John W. Mack came of age in the Jim Crow South, and he was on the front lines of the battle to break down the walls of discrimination. "He is part of the Martin Luther King Jr. generation, a generation that did more to lift the banner of ... democracy ... than any other generation," civil rights veteran the Rev. James M. Lawson said recently during a crowded tribute for Mack on the steps of Los Angeles City Hall. Mack, a pioneer in the student civil rights movement, worked with King in Atlanta.

The possible return of former President John J. Mack to the top spot at Morgan Stanley would give the embattled Wall Street investment bank a credibility boost and assuage the company's top clients, but the internal divisions within the firm might not be quickly healed.

John J. Mack returned to Morgan Stanley as its chairman and chief executive Thursday, bringing the stability of a Wall Street veteran to a beleaguered firm and promising to seek the return of top employees who left the company under former Chairman and Chief Executive Philip J. Purcell. The company's board of directors voted unanimously to name Mack chairman and CEO, a long-rumored appointment thought to appeal to the company's investment bankers and expected to promote internal unity.

John J. Mack, the new chairman and chief executive of Morgan Stanley, told employees he would no longer accept guaranteed minimum pay of $25 million a year, and instead would tie his compensation to the investment bank's performance. Mack announced his decision after signing a five-year contract earlier this week that linked his compensation to that received by CEOs of four big Wall Street rivals.

The new president of the Los Angeles Police Commission called Tuesday for the LAPD to speed up its investigations of police shootings, including the high-profile killing in February of 13-year-old Devin Brown. "These investigations go on forever.... This has to be done in a more timely fashion," said commission President John Mack, retired president of the Los Angeles Urban League, where he was a staunch advocate of greater accountability for the LAPD.