Part 3 Chapter 26 Mavericks Summary and Analysis

Morgan Stanley exerts influence not in proportion to its size. It is a small firm with only $3 million in capital. They deal with Fortune 500 companies and many of the original list of Morgan customers. It handles more bonds than any other firm including six of the seven major oil companies. Morgan Stanley and J.P. Morgan cooperate on business dealings whenever it is possible. The Justice Department files an antitrust suit against Morgan Stanley and seventeen investment firms in October 1947. The case is tried by Judge Harold Medina. The case lasts for over six years. All of the practices they describe are not illegal. Since there is no document to the conspiracy, Medina cannot apply the Sherman Act to the situation.

Robert Young resurfaces to testify for Justice in the trial. He has been fighting the Morgans...