The battle for control of Morgan Stanley, the world's number two securities firm, is holding the mar...
The battle for control of Morgan Stanley, the world's number two securities firm, is holding the markets in thrall. Yet aside from the fun of a personality clash, it tells us something about power ebbing away from those who run large financial institutions. Deference to the big powers has died. On one side of the Morgan Stanley contest there is the incumbent management, enjoying all the pomp and prestige of a Wall Street icon. On the other, former president, Robert Scott, and a group of former executives who want to see CEO Philip Purcell kicked out. It is anyone's guess who will win. Sco...
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