By Scott Sipprelle 12:37pm

A Humbled Wall Street

Morgan Stanley CEO James Gorman

The End of the Bully Market: Morgan Stanley CEO James Gorman is Right

In 1987, I began my rookie assignment on the stock sales and trading desk for Morgan Stanley. A few weeks later the stock market crashed, and I learned my first important lesson about the pecking order on the Street. As a newcomer, my senses were on high alert. Across the floor, a trader named Chuck stood with a phone pressed hard against his ear as he barked out ear-piercing commands. Closer by, I found an island of serenity as the carnival of capital plunged into chaos. His name was Lou, and he was a smooth-talking senior salesman with a magnificent collection of suspenders. Read More

By Patrick Clark 10/12/12 4:58pm

dismissed

wbj

Cabbie Stabbing Charges to Be Dropped Against Former Morgan Stanley Banker

Remember William Bryan Jennings wild ride? Last December, after Morgan Stanley’s Christmas party, the firm’s former head of bond underwriting hailed a cab in Midtown and directed the driver to his home in Darien, Conn. When they arrived, cabbie Mohamed Ammar quoted a price that Mr. Jennings found excessive, and in the fracas that ensued, was alleged to have stabbed Mr. Ammar in the hand with a pen knife.

That story emerged in March, when Mr. Jennings—who no longer works at Morgan Stanley, according to Bloomberg—was charged with assault and intimidation by bigotry.

Accounts varied. Mr. Ammar said that Mr. Jennings refused to pay the fare of $204 dollars, told the cabbie “I’m going to kill you. You should go back to your country,” and stabbed him in the hand with a 2 1/2 inch blade during a roadside altercation. Mr. Jennings said that the driver demanded $294, then started driving the banker back to New York City when he refused to pay.

All charges, including a larceny charge over the unpaid fare, will be dropped on Monday, according to Reuters: Read More

By Patrick Clark 9/18/12 7:52am

Romney’s Remarks on ’47 Percent’ Made at Private Equity Head’s Home; Studying the Power of Einhorn: Roundup

Footage of Mitt Romney’s remarks about the 47 percent voters who don’t pay taxes or depend on government assistance—”I’ll never convince them they should take personal responsibility and care for their lives”—was taken in the Florida home of Marc Leder, co-CEO of private equity firm Sun Capital Partners, said David Corn, the reporter who published video clips at Mother Jones. Mr. Leder, a part-owner in the Philadelphia 76ers, is as TPM points out, also known for his bacchanals: “At the Bridgehampton home that Leder rented for a whopping $500,000 a month, guests cavorted nude in a pool and performed sex acts, while scantily clad Russian women danced on platforms,” The New York Post reported last year. Read More

By Patrick Clark 9/07/12 7:03am

Morning Read

ECB Board Approves Bond-Buying Plan; Falcone Battles With LightSquared Creditors: Roundup

European Central Bank President Mario Draghi won wide support from his board for a plan to buy the sovereign debt of euro zone countries. Rates on Spanish 10-year bonds promptly fell to levels last seen in May, and the corresponding Italian bond fell to its lowest since April.

LightSquared, the wireless broadband company backed by Harbinger Capital founder Phil Falcone, is battling with creditors over control of the firm’s bankruptcy, according to Bloomberg. LightSquared has asked a judge to extend a deadline to file a Chapter 11 plan; the creditors say, “Having nothing to lose, Mr. Falcone wants to pursue a high-risk, high-return strategy.” Read More

By Patrick Clark 8/28/12 7:33am

Morning Read

Morgan Stanley’s Smith Barney Dilemma; Greenwich Home Prices Decline With Wall Street Pay: Roundup

Morgan Stanley likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it’s Smith Barney joint venture with Citigroup is worth $13 billion less than Citi estimates. Bloomberg’s Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.

The median home price in Greenwich, Conn. fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and pared compensation. Read More