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Biographies & Primers |
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Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley
written by Patricia Beard
Studio : William Morrow
by William Morrow
Release Date : 2007-09-18
Publisher : William Morrow
Released : 2007-09-01
Availability : Usually ships in 1-2 business days
Number of Items : 1
EAN : 9780060881917
Avg. Customer Rating: (based on 5 reviews)
List Price : $26.95
Our Price : $5.75
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Product Description |
The inside story of the power struggle that rocked Wall Street's most prestigious financial institution What began with a shot over the bow ended in a shocking coup d'etat. In less than four months a group of eight retired executives orchestrated a stunning revolt within Morgan Stanley, the venerable and—until recently—most successful financial services firm on Wall Street. Now acclaimed journalist and historian Patricia Beard brings together the entire behind-the-scenes story in Blue Blood and Mutiny, a real-life business thriller exposing the tale that shook high finance. In March 2005 the business world woke up to an unprecedented full-page ad in the Wall Street Journal calling for the removal of Morgan Stanley's CEO. It was paid for by a cohort of eight former Morgan Stanley executives, including an ex-chairman and an ex-president, who soon would be dubbed the "Eight Grumpy Old Men." Their target was CEO Philip Purcell, a midwesterner who had come to power following Morgan Stanley's 1997 merger with Dean Witter Discover, where Purcell had been chief executive. In his eight years as CEO, Purcell had presided over a 50 percent decline in stock price since its peak in 2000 and a series of high-profile government and civil lawsuits that had tarnished the company's once-sterling reputation. Just a few months after the Journal ad, Purcell would retire under pressure, and former president John Mack, who had been pushed out by Purcell, was appointed CEO. The "Eight Grumpy Old Men" won the battle. The revolt of the Eight is about more than the stock price, or any bottom-line metrics: it signals a clash of cultures and a battle for the soul of American business. Since its founding, Morgan Stanley has been an elite enterprise guided by J. P. Morgan Jr.'s motto "A First Class Business in a First Class Way." The House of Morgan stood for something larger than success with honor; its ethos was unique—some would say sacred—and the eight retired executives believed this ideal had been undermined during Purcell's reign. Opening the long-closed doors of a bastion of Wall Street that has maintained the strictest privacy until now, Blue Blood and Mutiny weaves the history of Morgan Stanley with the inside story of the fight for dominance between two competing business cultures—one, the collegial meritocracy handed down from the days of J. P. Morgan, and the other, a cold, contemporary corporate model. Here is the season's must-read book for anyone who wants to understand the future of American business. |
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Outstanding Historical Read |
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This is a very concise historical review of a merger that involves two cultures that tried to combine choosing the wrong an inexperienced leader to make it work, Fortunately, the more astute retired individuals came to the rescue and in time the combination should work. Only time will tell. |
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blue blood and mutny |
Well written, and engrossing.
Very clear presentation of the issues involved and makes a convincing case that "the mutineers" were right, and Purcell had to be removed as CEO. |
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Great insight into the 'soul' of the Morgan Stanley culture |
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Excellent book. It's been a long time since I've had a book I could not put down. Thank goodness for the G-8 and the employees who stood their ground. John Mack is a true leader and will continue to lead Morgan Stanley into a league of its own. Well worth the read. |
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Kick'em while he's down |
With dagger for pen and venom for ink, Patricia Beard scribes an devastating slant on the Dean Witter/Morgan Stanley merger in her new book, "Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley ". In a book where J.P. Morgan is revered for his integrity, good will and even-handedness it is clear that the demons from Chicago will get short thrift.
Indeed, we find the satanic Phil Purcell arriving with his banking heretics from Dean Witter to beguile the trusting John Mack and his virtuous management staff. The demons wrest control of the soul of Morgan Stanley and profitability is shrouded in an evil shadow. Quicker than you can say 9/11, the bank's returns go south as Purcell reaps from his half-full cup while investors and staff inherit the wind. The cries on the Street rose uptown to Bankers' Heaven (5th Ave) and were embraced by the legacy of JP himself. Faster than you can say Mack-the-Knife, a Gang of 8, err... a Group of 8 former Morgan executives are blessed with avenging this affront on the investment banking community. Not to spoil the Hollywood ending, but angels never lose and evil is always vanquished.
Wall Street banking is clearly a Darwinian struggle between smart and successful A-type personalities competing for mega-deals. It is a battle between the haves and haves-better where success is fleeting and is measured in bonus, prestige, and ranking on a deal-by-deal basis. Beard's book is the epitome of banking rancor as Purcell is not only vilified, for all his past mistakes as Morgan Stanley CEO, but for any mistake anyone there made as well. Slogans aside, the pro-Purcell claque is not as "bad" as portrayed and, the pro-Morgan Stanley contingent is not as "good". In the end though, John Mack's blue blood is pumping up the Morgan Stanley profits so Purcell gets the deserved lumps.
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When class really counts |
Morgan Stanley like many old-line firms lost its soul at the hands of a CEO who never understood the value of the real enterprise. Phil Purcell tried to take what worked at Dean Witter and impose it on Morgan Stanley a much different institution. In doing so he acquired all of the perks of modern chairmen-the pay, the G-Vs, the compliant board while his firm's performance was tanking.
Eight "advisory directors," retired and respected former partners, set out to rescue Morgan Stanley and restore its name and culture. Called the "Group of Eight" and sometimes the "Eight Grumpy Old Men" they take a stand for old-fashioned business values.
Blue Blood and Mutiny reads like a novel. And it delivers an important message to business-ethical behavior, hard work and understanding of business fundamentals are more important and more beneficial than the gimmick-riden pursuit of a higher bottom line. This real life story will be the textbook case study in value driven management. |
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