So what really happened when William Bryan Jennings, the co-head of fixed income and capital markets for Morgan Stanley, took a cab from an event in Manhattan to his home in Darien, Conn?

According to the police, the banker refused to pay a $200 fare, started lobbing ethnic slurs at the Middle Eastern cab driver and even stabbed the cabbie with a pen knife when the cabbie reached back through the slot.

Jennings was arrested and charged with second-degree assault, theft of services and second-degree intimidation based on race or bigotry, reports the Stamford Advocate. Jennings posted a $9,500 bond and is free.

He has an alternative version of events. He says the cabbie demanded $300 for the ride--an "exorbitant amount"--and when Jennings refused, the cabbie "kidnapped" him, saying he would drop him off back in Manhattan. The cabbie says he was looking for a police man. Jennings pulled out the knife because he feared for his safety. When they tussled over the knife, the cabbie was cut. The episode ended when the cabbie stopped near the entrance to I-95 and Jennings jumped out of the car. Jennings denies ever using abusive language.

So who to believe? Well, you could go both ways. The monster described by the cabbie is believable in that Wall Streeters are under enormous pressure, and some snap. At the same time, you could see someone trying to shake down a rich banker. The takeaway from Morgan Stanley's perspective might just be to take town cars home late at night, not cabs.

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