Blue Blood And Mutiny

The behind the scenes story of the power struggle that rocked Wall Street's most prestigious financial institution. In March 2005 the business world woke up to an unprecedented full-page ad in the Wall Street Journal calling for the removal of Morgan Stanley's CEO. It was paid for by a cohort of eight former Morgan Stanley executives, including an ex-chairman and an ex-president, who soon would be dubbed the “Eight Grumpy Old Men.” Their target was CEO Philip Purcell, who had come to power following Morgan Stanley's 1997 merger with Dean Witter Discover. In his eight years as CEO, Purcell had presided over a 50 percent decline in stock price since its peak in 2000 and a series of high-profile government and civil lawsuits that had tarnished the company's once-sterling reputation. Just a few months after the Journal ad, Purcell would retire under pressure, and former president John Mack, who had been pushed out by Purcell, was appointed CEO. The “Eight Grumpy Old Men” won the battle. Opening the long-closed doors of a bastion of Wall Street that has maintained the strictest privacy until now, Blue Blood and Mutiny is real-life business thriller exposing the tale that shook high finance. Weaving the history of Morgan Stanley with the inside story of the fight for dominance between two competing business cultures—one, the collegial meritocracy handed down from the days of J. P. Morgan, and the other, a cold, contemporary corporate model, acclaimed journalist and historian Patricia Beard has written a must-read book for anyone who wants to understand the future of American business.

The inside story of the power struggle that rocked Wall Street's most prestigious financial institution What began with a shot over the bow ended in a shocking coup d'etat. In less than four months a group of eight retired executives orchestrated a stunning revolt within Morgan Stanley, the venerable and—until recently—most successful financial services firm on Wall Street. Now acclaimed journalist and historian Patricia Beard brings together the entire behind-the-scenes story in Blue Blood and Mutiny, a real-life business thriller exposing the tale that shook high finance. In March 2005 the business world woke up to an unprecedented full-page ad in the Wall Street Journal calling for the removal of Morgan Stanley's CEO. It was paid for by a cohort of eight former Morgan Stanley executives, including an ex-chairman and an ex-president, who soon would be dubbed the "Eight Grumpy Old Men." Their target was CEO Philip Purcell, a midwesterner who had come to power following Morgan Stanley's 1997 merger with Dean Witter Discover, where Purcell had been chief executive. In his eight years as CEO, Purcell had presided over a 50 percent decline in stock price since its peak in 2000 and a series of high-profile government and civil lawsuits that had tarnished the company's once-sterling reputation. Just a few months after the Journal ad, Purcell would retire under pressure, and former president John Mack, who had been pushed out by Purcell, was appointed CEO. The "Eight Grumpy Old Men" won the battle. The revolt of the Eight is about more than the stock price, or any bottom-line metrics: it signals a clash of cultures and a battle for the soul of American business. Since its founding, Morgan Stanley has been an elite enterprise guided by J. P. Morgan Jr.'s motto "A First Class Business in a First Class Way." The House of Morgan stood for something larger than success with honor; its ethos was unique—some would say sacred—and the eight retired executives believed this ideal had been undermined during Purcell's reign. Opening the long-closed doors of a bastion of Wall Street that has maintained the strictest privacy until now, Blue Blood and Mutiny weaves the history of Morgan Stanley with the inside story of the fight for dominance between two competing business cultures—one, the collegial meritocracy handed down from the days of J. P. Morgan, and the other, a cold, contemporary corporate model. Here is the season's must-read book for anyone who wants to understand the future of American business.

The intimate, fly-on-the wall tale of the decline and fall of an America icon With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience. Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.

Mutiny On The Enterprise The ship is crippled in orbit around a dangerous, living, breathing planet, and a desperate peace mission to the Orion Arm is stalled. Kirk has never needed his crew more. But a lithe, alien women is casting a spell of pacifism -- and now mutiny -- over the crew. Suddenly Captain Kirk's journey for peace has turned into terrifying war--to retake command of his ship!

From the bestselling author of Tulipomania comes Batavia’s Graveyard, the spellbinding true story of mutiny, shipwreck, murder, and survival. It was the autumn of 1628, and the Batavia, the Dutch East India Company’s flagship, was loaded with a king’s ransom in gold, silver, and gems for her maiden voyage to Java. The Batavia was the pride of the Company’s fleet, a tangible symbol of the world’s richest and most powerful commercial monopoly. She set sail with great fanfare, but the Batavia and her gold would never reach Java, for the Company had also sent along a new employee, Jeronimus Corneliszoon, a bankrupt and disgraced man who possessed disarming charisma and dangerously heretical ideas. With the help of a few disgruntled sailors, Jeronimus soon sparked a mutiny that seemed certain to succeed—but for one unplanned event: In the dark morning hours of June 3, the Batavia smashed through a coral reef and ran aground on a small chain of islands near Australia. The commander of the ship and the skipper evaded the mutineers by escaping in a tiny lifeboat and setting a course for Java—some 1,800 miles north—to summon help. Nearly all of the passengers survived the wreck and found themselves trapped on a bleak coral island without water, food, or shelter. Leaderless, unarmed, and unaware of Jeronimus’s treachery, they were at the mercy of the mutineers. Jeronimus took control almost immediately, preaching his own twisted version of heresy he’d learned in Holland’s secret Anabaptist societies. More than 100 people died at his command in the months that followed. Before long, an all-out war erupted between the mutineers and a small group of soldiers led by Wiebbe Hayes, the one man brave enough to challenge Jeronimus’s band of butchers. Unluckily for the mutineers, the Batavia’s commander had raised the alarm in Java, and at the height of the violence the Company’s gunboats sailed over the horizon. Jeronimus and his mutineers would meet an end almost as gruesome as that of the innocents whose blood had run on the small island they called Batavia’s Graveyard. Impeccably researched and beautifully written, Batavia’s Graveyard is the next classic of narrative nonfiction, the book that secures Mike Dash’s place as one of the finest writers of the genre.

Winner of the Cundill History Prize Winner of the Frederick Douglass Book Prize Named One of the Best Books of the Year by NPR A breathtakingly original work of history that uncovers a massive enslaved persons' revolt that almost changed the face of the Americas Named one of the best books of the year by NPR, Blood on the River also won two of the highest honors for works of history, capturing both the Frederick Douglass Prize and the Cundill History Prize in 2021. A book with profound relevance for our own time, Blood on the River “fundamentally alters what we know about revolutionary change” according to Cundill Prize juror and NYU history professor Jennifer Morgan. Nearly two hundred sixty years ago, on Sunday, February 27, 1763, thousands of slaves in the Dutch colony of Berbice—in present-day Guyana—launched a rebellion that came amazingly close to succeeding. Blood on the River is the explosive story of this little-known revolution, one that almost changed the face of the Americas. Michael Ignatieff, chair of the Cundill Prize jury, declared that Blood on the River “tells a story so dramatic, so compelling that no reader will be able to put the book down.” Drawing on nine hundred interrogation transcripts collected by the Dutch when the rebellion collapsed, and which were subsequently buried in Dutch archives, historian Marjoleine Kars has constructed what Pulitzer Prize–winning historian Eric Foner calls “a gripping narrative that brings to life a forgotten world.”

NATIONAL BESTSELLER • From the author of Ghost Soldiers comes an eye-opening history of the American conquest of the West—"a story full of authority and color, truth and prophecy" (The New York Times Book Review). In the summer of 1846, the Army of the West marched through Santa Fe, en route to invade and occupy the Western territories claimed by Mexico. Fueled by the new ideology of “Manifest Destiny,” this land grab would lead to a decades-long battle between the United States and the Navajos, the fiercely resistant rulers of a huge swath of mountainous desert wilderness. At the center of this sweeping tale is Kit Carson, the trapper, scout, and soldier whose adventures made him a legend. Sides shows us how this illiterate mountain man understood and respected the Western tribes better than any other American, yet willingly followed orders that would ultimately devastate the Navajo nation. Rich in detail and spanning more than three decades, this is an essential addition to our understanding of how the West was really won.