Call Boomerang Books 1300 36 33 32

In March 2005, Morgan Stanley, the most prestigious and, until recently, the most successful investment bank on Wall Street exploded when a group of eight retired executives ignited a revolt. This 'Group of Eight' - an Ivy League cohort that included a former chairman and president - called for the removal of CEO Philip Purcell, a Midwesterner who had come to power following Morgan Stanley's 1997 merger with Dean Witter Discover, where Purcell had been the chief executive.In the next four years, Purcell presided over a 50 per cent stock decline and a series of high-profile government and shareholder suits that Morgan Stanley has lost and, it seems, will continue to lose. But the revolt of the Group of Eight was about more than business performance; it signaled a clash of cultures and a battle for the soul of America's pre-eminent financial institution. Since its founding Morgan Stanley has been an aristocratic enterprise, guided by the motto 'A First-Class Business in a First-Class Way'. The House of Morgan stood for more than success with honor; there was an ethos about the place that was unique - some would say sacred - and the Eight believed that this ideal had been undermined by Philip Purcell. "Blue Blood and Mutiny" opens in early 2005, when the usually closely-guarded opinions of the Eight publicly boiled over. After their concerns were brushed off by the Board of Directors - packed with associates of Purcell - and several sympathetic executives resigned, the Eight bought a full-page ad in the Wall Street Journal in which they called for the Board to appoint a new CEO. The unprecedented move stirred massive press attention, including a cover story in Fortune, and sparked rumors on Wall Street that Morgan Stanley was a buyout target. For the time, however, the Eight appear to have won the battle, for in June 2005 Purcell resigned and former president John Mack - who had been pushed out by Purcell - was appointed CEO.

Buy Blue Blood and Mutiny book by Patricia Beard from Australia's Online Independent Bookstore, Boomerang Books.

Book Details

ISBN: 9780060881924
ISBN-10: 0060881925
Format: Paperback
(203mm x 135mm x 27mm)
Pages: 464
Imprint: HarperPerennial
Publisher: HarperCollins Publishers Inc
Publish Date: 15-Nov-2008
Country of Publication: United States

Other Editions


» Have you read this book? We'd like to know what you think about it - write a review about Blue Blood and Mutiny book by Patricia Beard and you'll earn 50c in Boomerang Bucks loyalty dollars (you must be a Boomerang Books Account Holder - it's free to sign up and there are great benefits!)

Write Review

Author Biography - Patricia Beard

Patricia Beard is the author of After the Ball and hundreds of national magazine articles. She has been an editor at Elle, Town & Country, and Mirabella. Beard lives in upstate New York.

Books By Author Patricia Beard

Newsmaker by Patricia Beard


Hardback, May 2016
Good Daughters by Patricia Beard

Good Daughters

Paperback, March 2014
Certain Summer by Patricia Beard

A Certain Summer

Paperback / softback, August 2013