Word: morgans
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Dates: during 2000-2009
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...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...
...institutional stock and bond trading is on a roll, and mergers and underwriting are picking up steam - all strengths of the old Morgan. No wonder the bankers want their firm back. This is a time when they should shine but feel hamstrung by Purcell, who is loyal to his underachieving brokers and keeps his bankers on a short leash. Purcell declined to be interviewed...
...Will the Morgan bankers prevail? It's far from certain. Purcell has already proved a great infighter, and with a friendly board that has asked the dissidents to "desist," and another year before a new slate of directors could be voted in, he may outmaneuver his foes at Morgan again - if there are any left...
...Still, at today's prices, Lee isn't buying. Nor am I. After all, having missed the joyride so far, it's hard not to worry that the headiest gains have already been made. The most vocal doomsayer is Morgan Stanley economist Andy Xie, who has warned repeatedly?to the great misfortune of those who've heeded him?about an ominous oversupply of apartments and the government's halfhearted efforts to rein in speculation. For me, there's a particular terror of repeating my New York mistake: joining the herd moments before it runs off the cliff. But with Chinese...