Download e-book for iPad: Blue Blood and Mutiny: The Fight for the Soul of Morgan by Patricia Beard

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By Patricia Beard

ISBN-10: 0060881917

ISBN-13: 9780060881917

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Stanley executives, together with an ex-chairman and an ex-president, who quickly will be dubbed the "Eight Grumpy outdated Men."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.

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Extra resources for Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley

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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.

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Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley by Patricia Beard


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