Word: morgan
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...Morgan Stanley, split from J.P. Morgan's financial empire by regulators in 1935, has rarely seen such turmoil. For now, the brand remains strong. Stock and bond trading have been minting gold, and the firm has advised on seven of the 10 biggest takeovers in the world this year. But the increasingly bitter spat between Purcell, a master survivor, and eight former Morgan bankers led by another ex-president, Robert Scott, threatens all that...
...dissidents, who collectively own 11 million Morgan shares, or about 1% of the company, have asked the board to remove Purcell and put Scott in charge. Their broad plan is to re-Morganize Morgan in part by ditching the firm?s moderate-income clients and focusing on the wealthy. But the proposals are short on specifics. "We're trying to figure out if this is anything more than a grudge match," says Richard Ferlauto, director of Pension and Benefit Policy at the American Federation of State, County and Municipal Employees, an activist shareholder. Such worries are weighing on the stock...
...damage to Morgan will only deepen. Says Bill Benedetto, an investment banker with the boutique firm Bendetto Gartland: "Every company in America that relies on Morgan for 100% of its banking business will be relying on it for just 50% going forward...
...understand how a venerable firm like Morgan got into this pickle, just do like they do on Wall Street and follow the money. When Chicago's Dean Witter bought New York City's Morgan for $10.4 billion and later adopted the Morgan name, Purcell became top dog. Morgan's John Mack became the No. 2. That didn't sit well with Morganites, but this was near the zenith of day trading and the rise of the individual investor. The blue bloods at Morgan needed an Everyman presence, and Dean Witter (once owned by Sears) fit the bill. They caved...
...Instead, Purcell consolidated power by building a loyal board and outmaneuvering Mack, who resigned in 2001. Chicago 1, New York 0. Since then, the Morgan side has had a serious case of seller?s remorse. Why? When the stock market turned down, the retail brokerage business hit the skids. The Ivy Leaguers had sold out for wampum...