By Patricia Beard
The interior tale of the ability fight that rocked Wall Street's so much prestigious bank. What all started with a shot over the bow led to a stunning coup d'etat. In under 4 months a bunch of 8 retired executives orchestrated a beautiful insurrection inside of Morgan Stanley, the venerable and - until eventually lately - so much profitable monetary providers company on Wall road. Now acclaimed journalist and historian Patricia Beard brings jointly the total behind-the-scenes tale in Blue Blood and Mutiny, a real-life company mystery exposing the story that shook excessive finance. In March 2005 the company global awakened to an extraordinary full-page advert within the Wall highway magazine calling for the removing of Morgan Stanley's CEO. It used to be paid for by way of a cohort of 8 former Morgan Stanley executives, together with an ex-chairman and an ex-president, who quickly will be dubbed the "Eight Grumpy outdated Men." Their aim used to be CEO Philip Purcell, a midwesterner who had come to energy following Morgan Stanley's 1997 merger with Dean Witter realize, the place Purcell have been leader govt. In his 8 years as CEO, Purcell had presided over a 50 percentage decline in inventory fee considering its top in 2000 and a sequence of high-profile govt and civil proceedings that had tarnished the company's once-sterling acceptance. quite a few months after the magazine advert, Purcell may retire stressed, and previous president John Mack, who were driven out by way of Purcell, used to be appointed CEO. The "Eight Grumpy previous males" gained the conflict. The rebellion of the 8 is ready greater than the inventory expense, or any bottom-line metrics - it signs a conflict of cultures and a conflict for the soul of yank enterprise. considering that its founding, Morgan Stanley has been an elite company guided via J. P. Morgan Jr.'s motto "A top quality company in a first-class Way." the home of Morgan stood for whatever better than good fortune with honor; its ethos used to be specific - a few may say sacred - and the 8 retired executives believed this perfect have been undermined in the course of Purcell's reign. starting the long-closed doorways of a bastion of Wall road that has maintained the strictest privateness in the past, Blue Blood and Mutiny weaves the historical past of Morgan Stanley with the interior tale of the struggle for dominance among competing company cultures - one, the collegial meritocracy passed down from the times of J. P. Morgan, and the opposite, a chilly, modern company version. this is the season's must-read publication for a person who desires to comprehend the way forward for American enterprise.
Read Online or Download Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley PDF
Best corporate finance books
Top of the range facts and correct brand new (Autumn 2006). The e-book is helpfully divided into elements ~ the 1st part explains a number of the helpful subject matters had to comprehend restructured debt and company misery and the second one part offers particular recommendation on development or realizing standard types on default probablities and the danger go back evaluation of distressed debt including useful examples of valuing distressed businesses and their debt.
A theoretical and sensible consultant that allows readers to make sound funding and financing decisionsThis booklet is a technical finance publication that surveys the personal capital markets—the significant uncharted monetary marketplace. Representing approximately half the U. S. gross nationwide product, those markets are mostly missed, in part as a result of the hassle acquiring info and thanks to the shortcoming of a unified constitution to technique them.
'A Reader in foreign company Finance' bargains an outline of present considering on six themes: legislations and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic climate of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new tendencies: • curiosity in foreign elements of company finance, relatively particular to rising markets, • information of the significance of associations in explaining international changes in company finance.
· labored examples illustrating key issues· rationalization of advanced or vague phrases· complete thesaurus of termsThe titles during this sequence, all formerly released by way of BPP education, at the moment are to be had in totally up to date and reformatted variants. every one bargains a global point of view on a specific point of possibility administration.
- Financing Transitions: Managing Capital and Liquidity in the Family Business
- Valuing Your Business : Strategies to Maximize the Sale Price
- The Handbook of Financial Modeling: A Practical Approach to Creating and Implementing Valuation Projection Models
- The Private Equity Edge: How Private Equity Players and the World's Top Companies Build Value and Wealth
- Portfolio Selection and Asset Pricing
Extra resources for Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley
Partners always wore hats—fedoras in winter and T building the bank 31 straw hats in summer. When Harry Morgan saw an associate going out bareheaded, he would say, “What’s wrong, young man? ” There were even hat rituals: after Labor Day, partners who lived in New Jersey and took the ferry to work ritually ﬂung their Panamas into the Hudson River. Then Jack Kennedy made going hatless look modern, and along with hats, vests and watch chains also went out of fashion—even the Morgan tradition of having gold pocket watches specially crafted by a special Swiss maker for every partner died.
With the syndicate system partly undermined by shelf registration, Salomon Brothers stepped up with “bought deals,” which meant that Salomon would buy an entire deal and sell it, without including other ﬁrms. As Sanford Bernstein analyst Brad Hintz, who was formerly Morgan Stanley’s treasurer, says, “Salomon was the ten-foot giant, coining money from the trading business. ” Fred Whittemore explains, “In the old days, we needed each other to do deals, but after 1981 John Gutfreund [the then-chairman of Salomon] could produce hundreds of millions of dollars the same day.
In 1979, as the new businesses became more established, the ﬁrm 46 blue blood and mutiny appointed a six-man task force to create a ten-year strategy. Lewis Bernard was in charge of planning, and Anson Beard and William Kneisel, who would become Head of Worldwide Capital Markets, did the analysis. ” The analysis led to more changes: in 1981 Greenhill and Bernard were named coheads of Investment Banking, overseeing corporate ﬁnance, M & A, the international and syndicate businesses, and energy and utilities ﬁnance.
Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley by Patricia Beard