Word: morganized
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Dates: during 1990-1999
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...everyone applauds the Fed's inaction. Stephen Roach, chief global economist for Morgan Stanley, thinks higher rates are sorely needed to slow the economy and keep the bulls in their place. Fed Chairman Alan Greenspan said last December that the stock market was showing what he called irrational exuberance. Roach wants Greenspan to strengthen that warning when the Fed Chairman goes before Congress this week...
...These five achievers are truly pioneers for inspiring us to examine what is possible in ourselves, in each other, and in the world around us," said PNC Bank President and CEO Calvert A. Morgan Jr. in the press release...
Dean Witter, once owned by Sears, has long been the little guy's friend on Wall Street. It has shunned such fancy fads as junk bonds and bankrolling corporate takeovers in favor of the mundane. Morgan Stanley has always considered such "retail" brokerage a pauper's enterprise. It has stuck with raising capital for the world's largest companies and advising them on what to do with same. Individual investors? Phew. Morgan bankers wouldn't soil their wing tips in that mire...
...suddenly the retail business looks good to Morgan, a stunning epiphany. The firm posted a record profit of more than $1 billion last year. Clearly, it's in no trouble. Its newfound interest in little people is unmistakable evidence that individuals wield more clout on Wall Street than ever. There may not be any immediate benefits, but long-term this is very good news. Capital and clout go hand in hand, and the popularity of mutual funds and 401(k)s means regular Joes and Janes are amassing pools of money faster than institutions. Morgan sees that and is doing...
...brokerage is headed for extinction. Plenty also think this merger won't work. Mack denies it, but he's fuming over Purcell's getting the top job. And I'd like to be there the first time a working-stiff broker from Dean Witter tells a millionaire banker from Morgan to set aside 100 shares of a hot new-stock deal for one of his piddling accounts. The culture gap is vast. At Dean Witter, their Discover cards are dull from use--not gleaming tickets to Main Street...