By Patricia Beard
The interior tale of the ability fight that rocked Wall Street's such a lot prestigious bank. What begun 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 riot inside of Morgan Stanley, the venerable and - until eventually lately - such a lot winning monetary companies company on Wall highway. Now acclaimed journalist and historian Patricia Beard brings jointly the whole 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 enterprise global awakened to an remarkable full-page advert within the Wall highway magazine calling for the removing of Morgan Stanley's CEO. It used to be paid for through 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 previous Men." Their objective was once CEO Philip Purcell, a midwesterner who had come to strength following Morgan Stanley's 1997 merger with Dean Witter realize, the place Purcell have been leader government. In his 8 years as CEO, Purcell had presided over a 50 percentage decline in inventory rate considering its height in 2000 and a sequence of high-profile executive and civil complaints that had tarnished the company's once-sterling acceptance. quite a few months after the magazine advert, Purcell could retire stressed, and previous president John Mack, who were driven out through Purcell, used to be appointed CEO. The "Eight Grumpy previous males" received the conflict. The rebel of the 8 is ready greater than the inventory rate, or any bottom-line metrics - it indications a conflict of cultures and a conflict for the soul of yank enterprise. because its founding, Morgan Stanley has been an elite firm guided via J. P. Morgan Jr.'s motto "A top notch enterprise in a first-class Way." the home of Morgan stood for anything better than good fortune with honor; its ethos used to be precise - a few might say sacred - and the 8 retired executives believed this perfect were undermined in the course of Purcell's reign. commencing the long-closed doorways of a bastion of Wall road that has maintained the strictest privateness previously, Blue Blood and Mutiny weaves the heritage of Morgan Stanley with the interior tale of the struggle for dominance among competing enterprise 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 an individual who desires to comprehend the way forward for American enterprise.
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Extra info for Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley
Gilbert’s historic connection with Morgan Stanley, his unimpeachable ethics, stature, and competence provided a comforting link between the distinguished past and the competitive present. He was, however, shy, and there was some question as to whether he would be assertive enough. ” Baldwin went to see Gail Gilbert after he had talked to her husband about becoming chairman. “You know, Parker isn’t going to be able to take the early train to Southampton on Friday anymore, nor will all the meetings start at ten o’clock,” he warned her.
In John’s sophomore year, his father died at the age of seventy-two; and when John was a junior, he cracked the vertebrae in his neck. His football career, and with it his scholarship, were over. ” He switched his major to history and took a part-time job as a clerk at a North Carolina securities ﬁrm, earning $325 a month. He attended classes during lunch breaks and made do the rest of the time by reading the assignments and studying for tests. After he graduated from Duke in 1968, he got his ﬁrst job, as a municipal bond salesman at Smith, Barney; then he went on to F.
The leaders who insured that Morgan Stanley survived and ﬂourished included all the members of the Group of Eight; Dick Fisher, whose death in December 2004 was an emotional catalyst for the ﬁght; mergers and acquisitions pioneer Robert F. Greenhill, whom the Eight would hire as their strategic advisor; and John J. Mack, who, in 2005, was ﬁnally appointed to the job many felt he should have had all along. They were part of a relatively small cadre that built the modern Morgan Stanley in the shadow—or light—of their predecessors.