 Hardcover edition | |
| Author | Patricia Beard |
|---|---|
| Country | United States |
| Language | English |
| Subject | Business history |
| Genre | Non-fiction |
| Publisher | William Morrow |
Publication date | September 18, 2007 |
| Media type | Print, e-book |
| Pages | 432 pages |
| ISBN | 978-0060881917 |
Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley is a non-fiction book by American journalist and historian Patricia Beard. The book was initially published by William Morrow on September 18, 2007. [1]
The books focuses on the history of investment bank Morgan Stanley and on how a powerful fight within the firm was orchestrated by a group of eight retired executives, led to the removal of its then CEO, Philip J. Purcell. The group was led by S. Parker Gilbert and Robert Scott, a former Morgan Stanley chairman and president respectively. The group carefully worked behind the scenes to publicise Purcell as a Midwestern rustic lacking sophistication and understanding of elite financial markets. [2] [3] Their efforts were aimed at restoring the ethical foundation of the firm and resulted in the triumphant return of John J. Mack to do "first class business in a first class way". [4]
THERE are insider accounts, and then there are really insider accounts. Patricia Beard's "Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley," falls into the latter category as it describes the civil war at Morgan Stanley Dean Witter after the firms merged. With the cooperation of the rebels, including Anson Beard, a former brother-in-law of Ms. Beard, "Blue Blood and Mutiny" (William Morrow, $26.95) provides the closest look yet at the former executives who took the fight to Philip J. Purcell, the chief executive of the combined firm. From 1997 through 2005, Mr. Purcell, the aloof Midwesterner who had run Dean Witter, the retail brokerage, sat atop Morgan Stanley, the bluest of the blue-blood firms. The merger promised to transform the financial industry, but the melding of the consumer and institutional businesses did not go smoothly. As the firm stumbled repeatedly, the rebels began a very public fight to oust Mr. Purcell. Ms. Beard's book is full of meticulous, inside detail — at one point, after the dismissal of two top bankers (in what came to be known as the Monday Massacre) she recounts how Tarek Abdel-Meguid, another senior banker, flew back from vacation, arriving at the office still in an aqua T-shirt and Topsiders. But at times the book drowns in the details, bogging down the narrative.
—The New York Times [5]
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 42 countries and more than 60,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 67 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry. A subsequent innovation was "Cashback Bonus" on purchases.
Harold Stanley was an American businessman and one of the founders of Morgan Stanley in 1935. For 20 years, he ran Morgan Stanley until he left the firm in 1955.
Dean Witter Reynolds was an American stock brokerage and securities firm catering to a variety of clients. Prior to the company's acquisition, it was among the largest firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange. The company served over 3.2 million clients primarily in the U.S. Dean Witter provided debt and equity underwriting and brokerage as mutual funds and other saving and investment products for individual investors. The company's asset management arm, Dean Witter InterCapital, with total assets of $90.0 billion prior to the acquisition, was one of the largest asset management operations in the U.S.
Wasserstein Perella & Co., sometimes referred to as "Wasserella", was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders.
Philip J. Purcell is an American businessman. Purcell is a former Chairman and CEO of Morgan Stanley, where he worked in the late 1990s and 2000s. He previously served as Chairman and CEO of Dean Witter, Discover and managed the firm under its ownership by Sears, Roebuck & Co. He subsequently became head of Continental Investors, a private equity firm that invests in Internet-enabled financial services and consumer companies.
Zoe Cruz is a Greek American senior banking executive and former co-president of Morgan Stanley. Currently, she serves as Founder and CEO of Menai Financial Group.
John J. Mack is a senior advisor to the investment firm Kohlberg Kravis Roberts and the former CEO and chairman of the board at Morgan Stanley, the New York-based investment bank and brokerage firm.
Joseph R. Perella is an American financier.
Sir David Alan Walker is a British banker and former chairman of Barclays. He was chairman of Morgan Stanley International from 1995 to 2001, and 2004 to 2005, and remains a senior advisor. Walker was previously Assistant Secretary at the Treasury (1974–77), chairman of the Securities and Investments Board (1988–92), executive director for finance and industry at the Bank of England (1989–95) and deputy chairman of Lloyds TSB (1992–94). In 1994 he also joined the Washington-based financial advisory body, the Group of Thirty.
Mary Meeker is an American venture capitalist and former Wall Street securities analyst. Her primary work is on Internet and new technologies. She is the founder and general partner at BOND, a San Francisco-based venture capital firm. She previously served as partner at Kleiner Perkins. She has been called the "Queen of the Internet", and, in 2021, she was listed as #84 most powerful woman in the world and #21 on the Midas List by Forbes.
James A. Runde is an American investment banker, author and corporate director specializing in strategic and financial advice. He is an advisory director and former vice-chairman of Morgan Stanley. In May 2014, Runde celebrated a rare milestone on Wall Street: 40 years as an investment banker, all at the same firm. Runde is one of America's longest-serving investment bankers at a single institution, and was honored by Morgan Stanley for his length of service as well as ongoing contributions to the firm. Over the course of his career, he has served as a trusted advisor to many of the world's leading companies, with a focus on the transportation and infrastructure industries. He has been a member of the board of directors of The Kroger Co., one of the nation's largest grocery retail chains and also served on the board of directors of Burlington Resources, a major U.S. oil and gas company. In addition, he served as a trustee of The Morgan Library & Museum along with Annette de la Renta.
James Patrick Gorman is an Australian-American financier who is the chairman and chief executive officer of Morgan Stanley. He was formerly Co-President and Co-Head of Strategic Planning at the firm.
Mitchell M. Merin served as President and Chief Operating Officer of Morgan Stanley's investment management division (MSIM) from 1998 to 2005.
Gary W. Parr is Senior Managing Director of Apollo Global Management and a member of the Executive Committee. He was a Vice Chairman and member of the Board of Directors of Lazard. He was an investment banker who had focused on the financial services industry for more than 30 years.
Eileen Murray is an American financial services executive and is the former co-CEO at Bridgewater Associates, one of the world's largest institutional asset managers. Murray has also held executive positions at Morgan Stanley, Credit Suisse First Boston, Duff Capital Advisors and Investment Risk Management. She was named one of the 25 Most Powerful Non-Bank Women in Banking, by U.S. Banker magazine, for the years 2007 and 2008.
Blue Blood or blue blood may refer to:
Seymour Parker Gilbert III was Chairman of Board and President of Morgan Stanley from 1983 until 1990.
Greenhill is an American investment bank founded in 1996 by Robert F. Greenhill. The firm provides advice on mergers, acquisitions, restructurings, financings, and capital raisings to leading corporations, partnerships, institutions and governments across a number of industries.
Robert "Bob" Scott born in 1946 is an American businessman currently living in Naples, Florida. He formerly served as the President and chief operating officer of Morgan Stanley. He was part of the famous Wall Street "Gang of Eight" involved in the ousting of former Morgan Stanley CEO Philip J. Purcell. He continues to work in business and is a member of many corporate boards as well as a board member of various philanthropic organizations.