October 17, 2007
History as written by grumpy old men
Book review on the Financial Times Business Life page, October 18th
Blue Blood and Mutiny: the Fight for the Soul of Morgan Stanley
By Patricia Beard,
William Morrow $26.95
This is an ironic time to be reading this book. The travails of Morgan Stanley two years ago, when it forced out Philip Purcell as its chairman and chief executive after an acrimonious campaign against him by former grandees of the firm, are reminiscent of Wall Street now.
Citigroup is enduring the same slow torture, with some of the same characters. An aloof leader is pilloried for not having a grip on the business and fires subordinates to shore up his own reputation. Mr Purcell first promoted and then ejected Vikram Pandit, among others, as Morgan Stanley drifted. Last week, Chuck Prince reshuffled Citigroup’s ranks and promoted, yes, Mr Pandit.
The rest of this book review can be read here. Post comments below.
