Twinkle, twinkle investment star, how we wonder where you are. Isn't it important to make a good impression your first day on the job? Not on Wall Street, where Gregg Seibert simply didn't show up.
Morgan Stanley Dean Witter seemed to have scored a major coup by luring star media-investment banker Seibert away from Merrill Lynch & Co. Morgan Stanley's media group is already powerful in media, but hiring Seibert, head of Merrill's media group, with his ties to News Corp., Liberty Media and Cablevision Systems, would clearly be a big score.
But after the hire was announced on Tuesday and Seibert was expected to head uptown to Morgan's office, he didn't show, and didn't appear Wednesday either. Merrill's putting on a big press to keep him. By Thursday, Seibert had retreated to Nantucket.
"He's trying to think about stuff," said one Morgan executive. "We worked him over, and he accepted, but he's not here."