Part 3 Chapter 29 Samurai Summary and Analysis

Morgan Stanley also changes its character in the 1960s. Lewis W. Bernard becomes the first Jew to be hired and becomes the second youngest partner in Morgan history. Robert Baldwin is the Morgan partner who changes the firm. Morgan Stanley is poorly managed in the 1960s. Everything is done by discussions without budgets or plans. In 1967 the firm moves to the old Guaranty Trust building on Broadway. Eventually, with the support of a younger generation of partners, he manages to bring about changes. The world of Wall Street is changing and trading is becoming more important. Morgan Stanley's customers have always been the big corporations. Large investors are becoming more knowledgeable and trading large block for other blocks instead of holding them till maturity. Morgan Stanley has no trading operations which make it impossible for them to...