{
  "timeStamp": "09-12-2020-21:30",
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    {
      "order": [
        "the-experiment",
        "funding-prosperity",
        "culture-shock",
        "staring-into-the-abyss",
        "inventing-the-future",
        "epilogue"
      ],
      "content": [
        {
          "episode_num": 1,
          "episode_headline": "A Bank Built on Integrity",
          "menu_label": "a-bank-built-on-integrity",
          "episode_eyebrow": "Episode",
          "episode_desc": "Morgan Stanley ignites American prosperity by helping businesses recover from the Great Depression and then funding a post-war boom.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188803847001",
          "episode_vid_len": "48000",
          "vttText": "[MUSIC PLAYING]  The role of banks is actually pretty simple. It's to take money from those who have it and give it to those who need it. That's how the economy works. That's how things grow. Morgan Stanley has been at the center of global finance for nearly nine decades. That's worth talking about. It's worth understanding. It's worth learning from.  We're proud of our heritage, proud of our commitment to our communities, proud of the way we, as a firm, have come together to make Morgan Stanley the place it is today. And this is the story of Morgan Stanley.  In the late 19th and early 20th centuries, modern industrial America was born. The rapid transformation of the country and the economy was led by the most important banker of the era, John Pierpont Morgan. JP Morgan, at the turn of the century, was a mythic figure in the financial markets of the United States. Unrivaled in influence, his most valuable asset was his reputation, his unblemished character, and integrity. He earned not only vast personal wealth, but the absolute loyalty of his many clients. He had a renowned quote. \"The first thing is character, before money or anything else. Money cannot buy it.\" The bank, built on his name and legacy, was passed on to his son Jack in 1913. In the first decades of the last century, not all banks shared the JP Morgan commitment to integrity. Black Tuesday. The New York Stock Exchange is in a panic. An age of cowboy capitalism ended in the stock market crash of 1929 and led to the Great Depression. The country is in crisis-- 25% unemployment. Almost every state had shut down their banks. And there is a certain anger in the public against Wall Street and the banking sector.  FDR was elected with a mandate for radical change. He is clearly looking to put in place regulation of the banks and of Wall Street. There was not a single piece of legislation that governed the basic business of selling stocks and bonds. Some banks had been accused of using customers' deposits to fund speculative investments. At FDR's urging, Congress made up new rules banks had to follow-- the Banking Act of 1933, known as Glass-Steagall. Banks couldn't be both a commercial bank and an investment bank. You had to pick. It would effectively fracture the JP Morgan banking empire. The banks were given basically one year to decide which way they wanted to go. So JP Morgan was presented with a choice. And ultimately, JP Morgan decided that they would forgo investment banking and securities trading and that they would retain traditional commercial banking.  But in 1935, a longtime JP Morgan client, American Telephone and Telegraph-- AT&T-- needed financing and still wanted the House of Morgan, in spite of the new rules. To figure it out, there was a secret meeting on the porch of Morgan partner Thomas Lamont's house in coastal Maine in August, 1935. They had said, gee, we're really leaving behind an opportunity to serve clients well. We as an institution can't do it. We either let somebody else fill that vacuum, or we fill it ourselves. And they put their minds together. What would it take? At the meeting, it was decided that several partners, including JP Morgan's grandson Henry, would leave the bank and form a new one. No one knew if it would work.  On September 16, 1935 the investment bank Morgan Stanley was open for business. Henry Morgan, Harold Stanley, William Ewing, Edward York, Perry Hall, and John Young moved into new offices at number 2 Wall Street. When we opened, there were roughly 30 employees. JP Morgan sent 18 roll-top desks down. It was just a small firm. Each person had his own desk and a wooden chair If you wanted to get a cushion, you bought it. That was bare bones. Mr. Morgan held the partnership together. Mr. Morgan's phrase, \"first-class business in a first-class way,\" was the mantra of the firm. And if Mr. Morgan said something, you listened carefully. Harold Stanley was really the senior partner in the sense that he was the business partner. His ethic was so strong that he would throw a senior partner out of a partner's meeting for swearing. He just had these values, where he lived a certain life. Harold Stanley was a trusted banker. I mean, people told Harold Stanley things before they told the chief executive or the board. They wanted his opinion. And he had very good relationships with railroads and public utilities, which were the only issuers of securities during this period of time. Those relationships paid off. Just a week after opening, Morgan Stanley debuted with a $19 million bond offering for Consumers Power Company. The first year in business was absolutely astonishing. They handled more than $1 billion in underwriting and captured one quarter of the business on Wall Street. Loyal clients had followed the Morgan name and reputation, propelling the new firm to a remarkable beginning. Whenever the firm had done extremely well, the partners would call a meeting on the platform. And Henry Morgan would say, we've done reasonably well. And we'd like to offer you a month's salary as a bonus. Yes, sir. And then we'd go back to our desk.  But in 1939, World War II erupted in Europe. America's industrial base began an all-out shift to war production, financed by government contracts. The securities business ground to a virtual halt. I'm told that in the Second World War, they ranked the industry, their criticality to defense. And investment banking rated just below florists. At the firm, the focus for many, including the leadership, shifted to finding ways to support the war effort and give back. Harold Stanley joined First Lady Eleanor Roosevelt's campaign to evacuate refugee children from Europe, raising $1.5 million. And when the US joined the fighting, others reported for duty. Henry Morgan served as a commander at the Naval Command Office of Strategic Services, the predecessor to the CIA. On August 15, 1945, the war was over, but Europe was in ruins. A $50 million bond to begin Europe's reconstruction was issued through the newly formed World Bank. And Morgan Stanley was chosen to co-manage it with First Boston. It was the first time the firm would break its long-held policy of only accepting the position of sole manager. It was imperative to rebuild Europe and to have the wheels of commerce begin to turn over again. We did a lot of financing for the World Bank, both through public markets and private markets.  In America tremendous industrial capacity had been created for the war effort. But government contracts were canceled in peacetime. It became a moment of opportunity for investment banks. We did a large debt and equity offering, for example, for GM. And they used the proceeds of that to build their next generation of cars and better brakes and more safety features. Also in the '50s, we did a couple of large financings for IBM, as they began to grow their computing business and the future of the technology. New capital raised through investment banks fueled the post-war boom, launching an unprecedented era of American prosperity. Companies built plants, hired workers, and churned out innovative products. What better to be an investment banker who was in that flow, being a part of the important decisions that had to do with what companies get the money and what companies don't? And I always had a strong, personal point of view that I liked to work on deals where I thought the outcome was going to be important. I liked companies that were making stuff that made a difference-- tools that help people live their lives.  "
        },
        {
          "episode_num": 2,
          "episode_headline": "Evolve or Perish",
          "menu_label": "evolve-or-perish",
          "episode_eyebrow": "Episode",
          "episode_desc": "Morgan Stanley ignites American prosperity by helping businesses recover from the Great Depression and then funding a post-war boom.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188804357001",
          "episode_vid_len": "48000",
          "vttText": "Every company changes. Some do it consciously and some do it without realizing it. But the rest the world is always changing. So our job as leaders is always to try and anticipate what the world will look like and change in advance of it, rather than be dragged kicking and screaming to a place you should have found yourself.  Over its first 30 years, Morgan Stanley had grown, a little. In the early '60s, there were 21 partners and just over 100 other employees. It was the most successful underwriter on Wall Street because of exclusive relationships with a long list of blue chip clients. But no one knew how successful. A private partnership doesn't have to disclose its profits. It was nice business with nice earnings. Then why change? Trouble was, the nice business and nice earnings weren't going to be there long. Bob Baldwin came to Morgan Stanley after Princeton in 1946, rising to partner 12 years later. He was very, very respected. A little feared. Everybody kind of buttoned up their act when they saw Bob. Dad was remarkably foresightful. You know, he could see the demise of the old way, and rather than go down with that ship, he said, this is going to require the firm to change the way it does business. He wanted to try new things. And he got other partners together to talk about it. We had a meeting up in Greenwich, and it was a goddamn disaster. Many people at that time felt we couldn't plan because we didn't know what was going to be the business coming in the door the next day. The more junior partners, they had all come from business schools. So the idea of strategic planning was something that made a lot more sense to them. At another meeting in the early 70s, Baldwin held up the tombstone for Ford's 1956 IPO, crossing off the names of all the firms that had gone out of business since then. His point? Change or risk the same fate. And it was a big contention among very self-satisfied partners of Morgan Stanley that they were doing a wonderful job and had more business they can handle. The senior partners had all of this capital in the firm, and they were terribly afraid that we would get into businesses, we would lose money, and it would erode their capital base. Younger partners, led by Baldwin, wanted to do more than underwrite securities. They wanted to sell and trade them as well. The Young Turks, as they were called, argued the greater risk was not changing. The old guard resisted. They didn't consider themselves salesmen. They thought people should come to them. We don't have to go out and get them. There was a lot of discussion and a lot of debate and a lot of disagreement. And every partner had a voice, and every partner had a vote. We made decisions unanimously. And at the end of the day, you had to convince the last person that this was the right thing to do for the firm. There were times when a lot of people thought I wasn't doing the right thing. But I just had conviction that we had to adjust. The Young Turks's vision won the day, and Baldwin was promoted to president of the firm. He asked Dick Fisher to build a sales and trading operation by recruiting the best talent on Wall Street. So I came over and met with Dick Fisher and Bill Black, and as we progressed, they offered me a job. I told them that I didn't think a guy from North Carolina, without going to an Ivy school, has a chance at Morgan Stanley. And Fisher said, you're wrong. We're going to change. Everybody viewed us as this unchanging, rather stuffy firm. But boy, we were changing like mad. Throughout the 70s and early 80s, an explosion of new businesses radically changed the firm. They realized they were going to have to have investment research to distribute to clients, and so they recruited me to build a really premiere, first-rate research department. The natural next step was to offer wealth management services and advice to the executives and employees of corporations. We didn't have a dedicated M&A group. We started to lose business from our clients who didn't think we had the capability they needed. So they built a group to focus solely on M&A. The mandate of the Prime Brokerage Group was to work with hedge fund clients. Prime brokerage was so new that, really, people inside the organization didn't have an idea of what it was all about. It was a very misunderstood business. Some of the firm's most important clients, big corporate pension plans, the world central banks, came to us because they wanted advice on investing their capital. And so we created Morgan Stanley Investment Management. Then I would say by the mid 70s, the basic elements of the diversified firm even of today were in place. But there was something missing that the leaders of Morgan Stanley could see from their headquarters in midtown Manhattan. Years earlier, Morgan Stanley had opened small offices in Paris, London, and Tokyo. We had had a tiny outpost in Tokyo, and from, like, 1970 to 1985, we had three or four people, a driver, and a dog. [LAUGHTER] To survive and to thrive, the firm needed to go global. The firm was waking up, but it was very clear the economies of the world were becoming more global. They knew that some of the economic recipes that work for America would ultimately stretch to other shores. This was not just banking. It was American business. Building buildings in foreign places to manufacture their products and to sell it. Why aren't we covering Toyota instead of just General Motors? We needed a billion dollars to do the international expansion that we thought was sort of minimal. And there were 51 partners at that stage, and nobody had enough net worth then to put up a billion dollars. Every time a senior partner left, some of the capital left. It was pretty clear that we needed a permanent source of capital that didn't walk out the door every time someone retired. So that led to this decision that we needed to go public. The firm, led by then President Parker Gilbert, had a difficult decision to make. Going public would mean abandoning the partnership model that had defined the firm for 50 years. It also meant opening up their books to the public and a new focus on shareholder value. It was a necessary decision, but not an easy one. We didn't worry about quarterly earnings, you know. And we were a very private firm. There was not what information about Morgan Stanley out there in the public domain. We had a great management group-- Dick Fisher, John Mack, Bob Greenhill, Lewis Bernard, Anson Beard, and myself. And we had a firm meeting. I said that we're going to go public, and we got a unanimous vote.  Another page about to be turned on Wall Street history. Morgan Stanley, the prestigious 50-year-old investment banking firm, will go public tomorrow morning. On March 21, 1986, Morgan Stanley became a publicly traded company, selling a 20% stake that raised nearly $300 million in new capital. It was really fast growth. It was exciting. All of a sudden there were, you know, professionals and partners, and people were moving all over the world. I could just think of a city and we'd have an office there. Sydney. Melbourne. Frankfurt. Milano. Hong Kong. Singapore was another one. Latin America. Stockholm. Madrid. We became a global firm. A real global firm. The firm had transformed from a small private partnership to a modern financial services company with a global presence. History is littered with organizations that were once on top, but rested on their laurels and didn't feel the need to continually change. Firms like Dillon Read or Kuhn and Loeb or Kidder Peabody-- they don't exist anymore as independent organizations. They were unwilling to change, and a lot of them were unwilling to change because a lot of the senior partners didn't want to take the risk. The ability to offer a full suite of services to our best clients is really a defining characteristic of this firm, and it's not an accident. It was built. It was built with that thought in mind, and I give a lot of credit to all the folks that did that.  "
        },
        {
          "episode_num": 3,
          "episode_headline": "New Horizons With New Challenges",
          "menu_label": "new-horizons-with-new-challenges",
          "episode_eyebrow": "Episode",
          "episode_desc": "Morgan Stanley helps drive a digital revolution, but wrestles with the dot-com crash and a tricky merger.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188803129001",
          "episode_vid_len": "48000",
          "vttText": ""
        },
        {
          "episode_num": 4,
          "episode_headline": "Surviving the Crisis",
          "menu_label": "surviving-the-crisis",
          "episode_eyebrow": "Episode",
          "episode_desc": "Morgan Stanley looks to a trusted Japanese partner to weather a financial storm.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188804359001",
          "episode_vid_len": "48000",
          "vttText": "Every generation, Morgan Stanley's had its challenges, but the financial crisis was at a completely different level. This was a crisis and a challenge which we'd never confronted before.  Some big news coming out of Morgan Stanley at this hour. Morgan Stanley-- much greater loss than anticipated here. They're taking writedowns totaling $9.4 billion. The loss, a direct result of Morgan's $9.4 billion in subprime mortgage and other mortgage-related writedowns. This is a firm that, over 65 years previously, had created $30 billion of capital. One trade effectively cost us $10 billion. We were so shocked that we could have done something so stupid. One of the analysts called us, the gang who couldn't shoot straight. We really screwed up. There was no doubt about that. The general sense of grow, grow, grow put us into some businesses that we paid a very high price for it. We lost our way. When you think about proprietary businesses, you're not thinking about clients. It was a real redefining moment. We wrote down and got rid of bad positions. We completely resized the investment bank. We needed to look for an investor to help fix that hole, and we linked up with CIC, the Chinese Sovereign Wealth Fund. The CIC put in $5.6 billion in December. The loss was so enormous that frankly, we all believed that was kind of the end, that we had taken our medicine and that we could go forward. I built up a huge cash pile, $130 billion. We just needed more protection as we rebuilt the business. [MUSIC PLAYING] A powerful new punch in the gut for Wall Street. Breaking news. JPMorgan Chase is buying Bear Stearns at a rock-bottom price. The economy, obviously, is going through a tough time. Fannie Mae and Freddie Mac were in free fall. Real estate $2.4 billion-- Toxic assets. --prompted a credit crisis.  Lehman Brothers. Lehman Brothers stock falling 44%, one of the biggest single-day percentage declines on record. We know that they need to raise capital, but where's the actual announcement of a deal? The Friday night we get the call, John and I, CEOs and CFOs, are pulled to Liberty Street. So we got there, and we knew it was about Lehman. We went into the weekend knowing this was, like, a full-scale run on a huge part of the financial system. We brought everyone together to see if we could find a market solution to those problems. Late into the night and all weekend, the bankers-- the masters of the universe, they're sometimes called-- they met in a desperate effort to rescue Lehman and stop the bleeding. We came to the conclusion that Lehman was in much worse shape than anyone else. And we'd break up in groups trying to figure out, how could you keep this from being a house of cards totally falling? Certainly, the banking regulators knew that as one falls, another falls, because ultimately, panic is what drives bank collapses, not lack of capital. When people began really looking at it, the numbers just didn't add up. Tim Geithner would pull us all in every hour, and he'd go, try harder. We'd have to go back into a room for an hour. It was impossible to get anything done. It was impossible to understand some of the risks. And the only solution at that point would have been Barclays actually buying Lehman at some price. But Sunday morning, I got the news that the British government was not going to allow the Barclays transaction to happen. And that's really when the proverbial hit the fan. Secretary Paulson said there was no way he could save Lehman, you know, without a buyer coming in. The tone of the room shifted quite dramatically. All the CEOs in that room knew there was going to be a series of dominoes yet to fall. Bear goes down, Lehman goes down, Merrill gets bought. These were institutions that had been around for a very long time. And all of a sudden, we're next. It was terrifying. And I remember Tim said, can you guys last a week with your cash? Well, I laughed because I had over $130 billion of cash. Like, how could we not last a week?  The collapse of Lehman Brothers set off a wave of panic on Wall Street. The worst one-day point drop since 9/11. Even the health of the most trusted firms are now being called into question. If you walk into any funding desk on a Monday morning, the phones are ringing. And as we walked in that day, the thing that was really eerie was there were no phones ringing. There was a degree of just complete silence. You saw people behave as if the US was going into the Great Depression, that the system was going to collapse, that most of the major institutions would fail and that there would be catastrophic losses. We began to see very significant draws on our cash. We began using that liquidity-- that column we put aside, we began using that liquidity very quickly. And that amount of money that we thought would roll for a few months, we had lost a third of that in a day. It's like you have a raging forest fire, and people are adding fuel to the fire. You couldn't see people lining up on the streets outside Morgan Stanley trying to take the money out, but it was a run, just like a classic run from the '30s, on a major bank. In one day alone, we lost $65 billion of cash. We needed, in a really short period of time, with a lot of pressure, to raise capital. We had everyone up here, OK? We were trying to find anyone with cash who wanted to do an equity investment. The Kuwaitis, the Qataris, sovereign wealth funds from around the world. Canadian pension funds, folks in the Midwest, talking to investors there. Warren Buffett-- we'll get Warren Buffett on the phone. It's kind of like a music chair, only like every day, you hear the different name. There were people camped out in offices on the 40th floor, people literally sleeping under desks and on couches. This was sort of life and death. If we didn't do a deal, it was over. We couldn't stay in business. We were under immense pressure. Can we just make it to the weekend? We just needed to make it to the weekend to figure out how much liquidity we had. CIC showed up and they had been involved the prior year. So we were in a meeting up on the 40th floor to decide, well, what should we ask for? It was like almost Dr. Evil laughs. We were going to ask for $100 billion.  And we did. We asked CIC for $100 billion of liquidity, not capital. It was just a loan. And they, of course, said no. I remember going home and saying, I don't know if we'll be here on Monday or we won't. When confidence erodes, it's very hard to change that tide.  Friday night, I'm across the road, and we're just getting to eat for the first time in God knows how long, and I got a phone call from John Kindred, who's the president of Morgan Stanley Japan. John said, Colm, MUFG want to invest in Morgan Stanley. Can you put a deal team on? I said, John, I'm stretched. I haven't got people to give you. What people didn't realize is that for two years before, we'd been actually talking to Mizuho about doing a deal with Mizuho for two years, and it had gone nowhere. So suddenly, I've got another Japanese bank that wants to dictate time and resources, and it's probably going to go nowhere. So I was pretty anti putting a team on. A lot of people are skeptical about it because Japanese banks don't move quickly on most things. I pleaded with him pretty strongly to assign some people to get on this thing, and so he did. We were here Saturday night. I remember getting a call from Geithner, and Geithner said, what's your plan? I said, well, our plan is the Japanese. He goes, what's plan B? And I said, what do you mean plan B? He said, what's plan B? There's no way the Japanese are going to do this deal. They don't operate this fast. I said Tim, trust me. We got this covered. We don't need a plan B. I had no idea if we needed a plan B or not. Morgan Stanley couldn't afford to sort of drift into the week with uncertainty about whether they had capital. We were just using duct tape and string. We were just trying to figure out anything that might plausibly reduce the chance that these guys go off the cliff. We're waiting for the Japanese so we can start negotiating. So it's a Sunday. We're in my office. We're watching the New York Giants football game. My assistant walks in and she says, Hank Paulson's on the phone. He wants to talk to you. And Hank said, I'm on here with Ben Bernanke and Tim Geithner. And they start a rundown of how bad it is. We cannot have Morgan Stanley in freefall. You need a partner. The dilemma was, you had a bunch of institutions that had much more stable funding bases, and you had a set of firms that were much more fragile. And a typical thing that you could do at a financial crisis is try to put those firms together. We weren't so worried about Morgan Stanley itself. We were worried that the economy couldn't sustain the risk of the collapse of a huge part of the financial system. And Geithner says, I want you to call Jamie Dimon. He'll buy the firm. I said, yeah, he wants the firm for $2 a share. And Geithner said, well, I don't care what he pays you for it, do it. And I said, I won't do it. I hung up on him. It would have been catastrophic. Basically, the shareholders would have been wiped out. Half of the employees would have been fired at least. It just would have been very bad for basically all of the stakeholders. If we don't take an action, we might be gone by next week. So under that pressure point, the real hope that we had was with MUFG. In a world where you have no attractive options, even if it was a long shot, it was definitely worth spending the time to figure out, was it going to be real?  Morgan Stanley, as early as the 1970s, was investing really extensively in Japan. We used to have trainee programs with Japanese banks, where several of our close Japanese banks would send trainees into our organization. I was chosen as the trainee to Morgan Stanley. Morgan Stanley is thought as always consistent, loyal to the client. And we really trusted Morgan Stanley, and we knew what they are. One week after Lehman collapsed, the market was in turbulence, and Morgan Stanley could be the second Lehman Brothers. But this is quite interesting opportunity. If you were convinced Morgan Stanley would survive, this was going to be a great investment. But you had to pass that threshold question at a time of extreme stress in the market. We at MUFG had already completed a study, how to build our global investment banking capability, prior to the great financial crisis. One option is making the meaningful investment into first-class global investment bank with which we enter into a strategic alliance. If chance arises, we are ready to go ahead. Goldman Sachs and Morgan Stanley, the last big independent investment banks, are now converting to bank holding companies. All of a sudden, we had access to the Fed window. It was clear that the broader US government was trying to find a way to stop the crisis. But let's be clear. We need the cash because if not, the doors are shutting. You have more money going out than more money going in. And at that point, we needed the capital, and the Japanese capital was exceptionally important. Morgan Stanley announcing a major capital raise, announcing that it has signed a letter of intent to form a global banking alliance with Mitsubishi UFG. That is Japan's largest bank. The letter of intent and the transition to a bank holding company really gave us a sense of relief that we were actually going to make it. There was still a due diligence period that had to take place, so they needed to scrub our books. And if our books weren't what we were basically representing they were, the whole thing could have come falling apart. After we made the initial agreement, things got worse. And suddenly, we were really concerned. The press began speculating that, in fact, MUFG was not going to honor the deal. And so our stock price kept going down. It had been up in the 20s and it hit a low in the upper 6s. Internally, I think we were all quite concerned, is MUFG going to stick by this? They were getting, obviously, their own investor pressure of, why would you buy something like Morgan Stanley in the 20s when the stock is down in the 6s? People in the market did not believe that the deal would close. There was this moment where you exhale and then we're right back at it.  The Wednesday of the fifth week was probably my single worst moment because that was the night when I really felt we might be running out of cash. And we had due diligence to close with the Japanese on the Thursday morning, and it was really touch and go. We were very nervous about the markets. We could pull out, but we wanted to contribute to the stability of the markets. I think MUFG understood that the best way to create value was to recognize value. So they did not try and push for the absolute lowest number, but they had to do something to justify that they were being responsible stewards for their own shareholders. So we changed the terms of the transaction to a lower price. And I remember that the stock was trading down before Columbus Day weekend. And the problem was that Columbus Day itself, the stock market was open, the banks were closed. We knew that if this money could not be delivered, the markets will sell Morgan Stanley's stock down to possibly 0. And I said, well, why don't we just take a check? It doesn't even have to be a certified check. We'll take a check. On Monday morning of Columbus Day before the market opened, I walked over to walk to Wachtell Lipton. It was about 6:30 in the morning. I was dressed very casually in my khaki pants and sandals, and I just thought that they were going to send a messenger over to deliver the check. Instead, there was an entourage that came in, including a camera crew. I grabbed the jacket of one of the lawyers to at least put a jacket on. I put it on and ripped to whole back seam out. And I said, look, I'm really sorry. We didn't know that you'd all be coming. Otherwise, John Mack would have been here. And I said, I assure you, I am vice chairman of Morgan Stanley. [LAUGHS] It was very important. Mitsubishi Bank is an enormous institution. They were the leading financial institution in Japan. If they're banking Morgan Stanley, it's for good reason. That combined the next day with the move by the US government to give TARP money to all the large banks in the US-- it just gave the market confidence, Morgan Stanley's is not going away. We got lucky. At the end of the day, we got lucky. And it all goes back to Morgan Stanley having a one-man office in Tokyo bringing trainees over here and working with them, and building a relationship and a culture. That's what Hirano-san remembered. We treated them with respect, and they returned it.  "
        },
        {
          "episode_num": 5,
          "episode_headline": "A Culture-Driven Strategy",
          "menu_label": "a-culture-driven-strategy",
          "episode_eyebrow": "Episode",
          "episode_desc": "Morgan Stanley solidifies continued profitability by enhancing its wealth management and investment banking businesses despite a credit downgrade.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188807631001",
          "episode_vid_len": "48000",
          "vttText": "In running any successful organization, you're constantly moving between three different things, culture, strategy, and execution. Many companies come out and they talk only about their culture. But what the employees want to know, what their clients want to know, what the market wants to know is, do they have a viable strategy? And you use the core cultural values to guide you on that path.  Troubled financial giant Citigroup may be breaking up. Citigroup confirms it will sell a majority stake in its highly rated Smith Barney brokerage unit into a new joint venture to be run by Morgan Stanley. The Smith Barney deal happened literally right in the midst of the crisis. There was such a narrow window of opportunity to actually pull that off. At a time when competitors were retreating, we were actually advancing our market share. It was enormously risky. I mean, it wasn't risky in the sense that we were doing a big bet. Gorman knew the business, understood the benefit. But during a financial crisis, you do a big M&A transaction? The financial crisis created an opportunity, and they say, never let a good crisis go to waste. Well, we didn't. For James Gorman, now in line to become CEO, acquiring Smith Barney was the opportunity he had been waiting for since he was tasked with turning around the wealth management business in 2006. The wealth management business gives you stability. It means you're a little slower in the water, because you're dragging all this ballast. But the beauty of ballast is, it means you're not going to tip over. And I thought that having that stability attached to the strength of our securities business could be a true knockout combination. The Smith Barney acquisition, which took several years to complete, doubled the wealth management business and created the country's largest brokerage. The goal was very simple. Create a business that 1/2 the revenues came from institutional business, and 1/2 would come from the wealth and asset management business. It would radically alter the business mix of the firm, and was part of a larger plan to reshape Morgan Stanley in the wake of the crisis. The question was, how do you take a group of people who've been successful for so long, and justifiably proud of what they've done, and say, we just can't keep doing it that way? We had to fundamentally change. He was very articulate and prescriptive about what needed to be done, what had been done, what was left to do, and where we were going. We wrote off and got rid of many assets on our balance sheet. We founded the Global Sustainable Finance Group to really lean into where capital markets, and environmental issues, and social issues went hand-in-hand. ERSKINE BOWLES: We also made the decision to rightsize our fixed income and commodity business to reduce our risk-weighted capital. We brought in a management group working together as opposed to what had been there, which was this siloed-type mentality. And we got back into investment management in a bigger way. So there was a lot of wood to chop. To be doing a couple things at once that are transformative, that have different constituencies-- that's not an easy feat to pull. And many on Wall Street weren't buying it. The whole rejigging and reshaping of the firm was against a backdrop of uncertainty about whether the strategy made sense or not. The markets were resetting, and we underperformed quite dramatically because there was not a desire to take a huge amount of risk. There were so many questions. People were saying that we made the absolute wrong decisions. People were questioning the change in strategy and whether or not we could pull it off. And I felt like that book, The Polar Express. I said, why can't everybody hear the bell and just get on the train? I didn't understand it. And we just kept saying, this is the right thing for clients. This is the right thing for the changing world. And time will tell. But in the beginning of 2012, a new threat emerged. Moody's, in their wisdom, decided that they needed to re-evaluate the rating of Morgan Stanley. I saw this as an existential threat. Moody's and the other rating agencies had gotten it wrong before the crisis. And Morgan Stanley's near-collapse a few years earlier was now a serious concern. What they were considering was downgrading us three notches. That's a lot. In our case, it was catastrophic if it happened. We would have been basically viewed as a junk credit. And if you're a junk credit, then nobody will lend you any money. So it was pretty dire. We met with Moody's. I think 11 times I met with them. We were trying to impress upon them, you might destroy a great institution after we've survived the crisis, after we've made all these changes, simply because you don't believe these changes will succeed. I thought that was grossly unfair. In the summer of 2012, Moody's released its new ratings. I was in Russia. And I was in my hotel room at 1:00 in the morning, I think it was. And I got the call that they'd downgraded us two notches. Who knew we could be so fortunate? So I decided to go down to the bar and buy a celebratory drink. And then I turn around, and our whole Moscow office appeared. It was one of the kindest and nicest things that I've ever experienced. And it also said so much about our culture-- that they understood the gravity of it. And they wanted to share in the moment.  Another big report from the financial sector. This time-- boom, it's Morgan Stanley. Clear strategy and executing on that strategy. Turn on equity, though, did fall a bit. But the model seems to be working in terms of wealth management. We always used to say, quarter after quarter after quarter of just clean, good business, and eventually, that trust would come back. Morgan Stanley beats expectations with its results, like other financial firms. The wealth management figure. That is something that Gorman, James Gorman, has really turned this bank around. This looks like a strong result for Morgan Stanley. They look good on expenses. They look very good on revenue.  There's nothing that drives culture more than winning. And so as the progress took hold, I think the belief started to grow. We posted eight straight quarters of profitability. The list of problems was getting shorter and shorter. And we kind of felt like we had our mojo back.  This time, we got it right. This time, all of old Dean Witter, all of Smith Barney, all of Morgan Stanley, all came together with integrated platforms and a cooperative, cohesive culture. We have this fantastic retail distribution capability. We are now 50% asset management, wealth management, 50% investment bank. That's what we wanted to do. The Morgan Stanley of today is number one in equity sales and trading-- a premier investment banking franchise, a well-structured and well-sized fixed income business. And we continue to be a big participant in global market flows. I think the firm's foresight to invest in China, invest in Asia, invest in Europe, really has paid off in spades. We've taken a fundamentally different approach to sustainability. We don't think it's a boutique or a silo or something lovely off to the side. We really weave that through everything that we do. The firm is one of the true leaders in the world in financial services. And I think the future is incredibly bright. The last decade has been an incredible journey back to where we were. If you think about we were on the edge of out of business, and here we are today, one of the leading firms in the space. That's an incredible accomplishment. In 1935, Henry Morgan, Harold Stanley, and four other partners came together at number 2 Wall Street. They could never have imagined what their tiny investment bank would become 85 years later. It's truly global. The beauty is that everyone's connected. You want to do a deal in Thailand, in China, in India, in Europe? Then pick up the phone to call someone, and you can get to pretty much anyone, anywhere. The only way it works is when you have a whole map because that's when you are credible. That's when you are able to really serve your clients properly. Through 85 years of change, one constant has defined the firm. Morgan Stanley people believe in the values. We live those values. And that makes you different. To me, it is the competitive advantage of Morgan Stanley. To me, it is the singular reason we survived. When I talk to a client that says they really trust me to put their interests ahead even of our own, that is the core of what we do. There is no boundaries to our thinking and our way to innovate and deliver for clients. We're going to bring the best. We're going to bring the brightest. We're going to be the most creative. Morgan Stanley has always, with its compass, pointed due north. Every employee, from the day you walk into this building, thinks about giving back. And it's a really beautiful thing to watch. Healthy cities. Global volunteer month. The Morgan Stanley Children's Hospital. Feeding America. The Healthy Futures Fund. It never ceases to amaze me just how impressive that contribution is. The people that we employ today are very different from those that were at the birth of this company. And this is one of the outstanding results of this firm, which is we've been able to grow and yet be beholden to some very clear and simple cultural traits. I've been here for 25 years. And I've hired a lot of people. And I've seen a lot of my colleagues leave. Many of them come back because they realize that this place is special. Listen, what brings you back here is the people. There's nothing more important than the people. It's the people you work with. It's the culture. It's the excitement. It's the deal making. It's the ups, and it's the downs. It's an authentic place. The people with whom we work-- that has been the special sauce that makes us different. Partnering, winning together, challenging each other, making each other better at what we do-- any other place would just be a job. The surveys that we ask of our employees-- I didn't want 100 questions on the survey. I want one. At the end of the day, do you go home and tell your family friends, I'm proud to work at Morgan Stanley? That's the essence that captures everything. What I want to see are the people who 10, 20, and 30 years from now take these values, adjust our strategies-- they will have to, maybe radically-- and take our values, and set this firm up for the next 10, 20, 30, 85 years of success.  "
        },
        {
          "episode_num": 6,
          "episode_headline": "2020 Epilogue",
          "menu_label": "epilogue",
          "episode_eyebrow": "Episode",
          "episode_desc": "The 2020 epilogue covers the Firm responses to COVID-19 and issues of social injustice.",
          "thumb": "poster-6058478154001.jpg",
          "episode_vid_id": "6188804148001",
          "episode_vid_len": "48000",
          "vttText": ""
        }
      ],
      "menu_label": "DOCUMENTARY"
    },
    {
      "menu_label": "TIMELINE",
      "order": [
        "era-1",
        "era-2",
        "era-3",
        "era-4",
        "era-5"
      ],
      "content": [
        {
          "era_date_start": "Thu Jan 01 1925 00:00:00 GMT-0500",
          "era_date_end": "Sat Jan 01 1949 00:00:00 GMT-0500",
          "menu_label": "building-the-foundation",
          "headline": "Building the Foundation",
          "desc": "After Congress forces banks to choose between serving commercial or institutional clients, Harold Stanley and Henry Morgan leave J.P. Morgan & Co. to open a new investment bank that bears their names.",
          "photo": "tl-era-morgan-and-stanley.png",
          "yearStart": "1925",
          "yearEnd": "1949",
          "date_range": "1925 : 1949",
          "events": [
            {
              "date_start": 9999,
              "title": "event-1929-the-crash",
              "menu_label": 1929,
              "headline": "The 1929 Stock Market Crash",
              "year": 1929,
              "aemName": "event-19292",
              "photo": "ms85-1929_crash_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1929,
                    "headline": "The 1929 Stock Market Crash",
                    "eyebrow": "After a record bull run, a spate of bad news and rumors prompts panicked selling in late October. In four days, the Dow Jones Industrial Average drops 25% as stock prices drop by more than $25 billion.\r\n",
                    "order_id": 1,
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                  },
                  "routeInfo": {
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                    "eventYear": "1929",
                    "eventLabel": "event-1929-the-crash",
                    "eventHeadline": "The 1929 Stock Market Crash"
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                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
                    "back_stories": [
                      {
                        "title": "The Roaring Twenties created a bubble",
                        "desc": "The Dow Jones Industrial Average increased six-fold between 1921 and 1929, inspiring millions of Americans to buy stock on margin, paying as little as 10% of the cost while borrowing the rest. With low unemployment, easy credit and years of steady returns, investors pushed stock values higher while cash-rich companies began to make more goods than people needed.\r\n"
                      },
                      {
                        "title": "Money grew tight as investors grew skittish",
                        "desc": "The Federal Reserve raised interest rates to curb speculation just when investors were getting nervous about rising inventories and valuations. As share prices fell, many were forced to liquidate their portfolios to meet margin calls, making things worse.\r\n"
                      },
                      {
                        "title": "The crash didn’t happen in a day",
                        "desc": "On Thursday October 24, 1929, or “Black Thursday,” the Dow Jones Industrial Average was already 20% below its September high when it dipped another 11% that morning. The market came back and even rallied the next day after banks led by J.P. Morgan & Co. bought up stocks. Then investors reversed course and sent the market tumbling 13% on the following Monday, followed by a further 12% drop on Tuesday.\r\n"
                      },
                      {
                        "title": "Investors lost trust in the system",
                        "desc": "As stock prices tumbled, people rushed to withdraw their savings for fear that banks would run out of cash or collapse under debt. Many of them did, which would later prompt a wave of bank runs and policy reforms to protect customers’ deposits and prevent banks from putting that money at risk.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
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                    "eventYear": "1929",
                    "eventLabel": "event-1929-the-crash",
                    "eventHeadline": "The 1929 Stock Market Crash"
                  }
                },
                {
                  "type": "factoid",
                  "content": {
                    "headline": "Optimism Amid \"Black Thursday\" Stock Market Crash",
                    "desc": "Media outlets struck a hopeful tone in covering the 1929 crash. As the stock market tumbled on “Black Thursday,” The New York Times noted that prominent bankers were gathering at the office of J.P. Morgan & Co. and that “a rescue party was about to be organized.” When stocks fell further the following week, The Washington Post ran a front-page story titled, "Money Kings to Keep Strength in Market."\r\n",
                    "photo": "ms85-missing-image.jpg",
                    "vid_loop_id": "6136319751001",
                    "order_id": 3
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1929",
                    "eventLabel": "event-1929-the-crash",
                    "eventHeadline": "The 1929 Stock Market Crash"
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                },
                {
                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
                    "desc": "",
                    "datanumber1": "25",
                    "datanumber2": "Years",
                    "typeClass": "points-two",
                    "headline": "How long it took the Dow Jones Industrial Average to regain its high of 381.17 on September 3, 1929. ",
                    "dataPointClass": "crash-1929-table",
                    "order_id": 4
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1929",
                    "eventLabel": "event-1929-the-crash",
                    "eventHeadline": "The 1929 Stock Market Crash"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Wall Street in Crisis: The 1929 Stock Market Crash",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1929---the-crash",
                    "desc": "The 1929 stock market crash shook the foundations of finance. From October 24 to October 29, the Dow Jones Industrial Average lost more than a quarter of its value, while investors in the New York Stock Exchange saw their stock holdings shrink by over $25 billion.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1929_crash_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 5
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1929",
                    "eventLabel": "event-1929-the-crash",
                    "eventHeadline": "The 1929 Stock Market Crash"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1933-glass-steagall",
              "menu_label": 1933,
              "headline": "Glass-Steagall Act Reforms Banking Industry",
              "year": 1933,
              "aemName": "event-1933",
              "photo": "ms85-1933_glasssteagall_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1933,
                    "headline": "Glass-Steagall Act Reforms Banking Industry",
                    "eyebrow": "Congress passes the Banking Act of 1933, otherwise known as the Glass-Steagall Act, forcing banks to choose between investment and commercial banking while adding new protections for consumer deposits.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1933",
                    "eventLabel": "event-1933-glass-steagall",
                    "eventHeadline": "Glass-Steagall Act Reforms Banking Industry"
                  }
                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "Securities underwriting has always been occasional and sporadic. And with conditions as they are, the prospects are worse than ever.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Russell Leffingwell, Partner, J.P. Morgan & Co. ",
                    "order_id": 2
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1933",
                    "eventLabel": "event-1933-glass-steagall",
                    "eventHeadline": "Glass-Steagall Act Reforms Banking Industry"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 3,
                    "back_stories": [
                      {
                        "title": "What is the Glass-Steagall Act?",
                        "desc": "Glass-Steagall Act is a 1933 law sponsored by two Democrats, Sen. Carter Glass of Virginia and Rep. Henry Steagall of Alabama, which separated commercial banking from investment banking. Banks that took in deposits and issued loans were no longer allowed to underwrite or trade securities, and vice versa. The act also created the Federal Deposit Insurance Corporation (FDIC), which insured most consumer deposits.\r\n"
                      },
                      {
                        "title": "Why force the banks to choose? ",
                        "desc": "The goal was to stop banks from using the credit from consumer deposits to speculate on what Sen. Glass called “stock gambling purposes,” and instead issue loans to businesses and farmers who could help the economy. With the creation of the FDIC, the government also wanted to assure investors that their funds would be safe, even when their bank might be struggling, which stopped a wave of panicked withdrawals that devastated weaker players.\r\n"
                      },
                      {
                        "title": "What was the impact on J.P. Morgan & Co.?",
                        "desc": "J.P. Morgan & Co. opted to focus on commercial banking, which was considered to be more lucrative and more prestigious after the stock market crash soured public opinion about Wall Street. Morgan Stanley was created as a separate investment bank, drawing in capital and talent from J.P. Morgan’s operations.\r\n"
                      },
                      {
                        "title": "Where does the act stand today? ",
                        "desc": "The lines blurred over the years and were essentially removed with the 1999 Financial Services Modernization Act, otherwise known as the Gramm-Leach-Bliley Act. However, restrictions were reintroduced after the 2008 financial crisis with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Section 619, otherwise known as The Volcker Rule, prohibits banks from proprietary trading and what’s deemed to be speculative investments.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1933",
                    "eventLabel": "event-1933-glass-steagall",
                    "eventHeadline": "Glass-Steagall Act Reforms Banking Industry"
                  }
                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "I can assure you that it is safer to keep your money in a reopened bank than under your mattress.\r\n",
                    "type": "with_Image",
                    "photo": "ms85-1933_glasssteagall_quote_lg_1x.png",
                    "typeClass": "with-Image",
                    "author": "President Franklin D. Roosevelt on March 12, 1933",
                    "order_id": 4,
                    "vid_loop_id": "6136329594001"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1933",
                    "eventLabel": "event-1933-glass-steagall",
                    "eventHeadline": "Glass-Steagall Act Reforms Banking Industry"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "The Glass-Steagall Act Restricts Banks and Restores Confidence",
                    "eyebrow": "",
                    "type": "image_left",
                    "storyName": "story-1933",
                    "desc": "Passed amid the depths of the Great Depression, the Glass-Steagall Act curtailed risky lending and created depositor protections.\r\n",
                    "typeClass": "image-left",
                    "photo": "ms85-1933_glasssteagall_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 5
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1933",
                    "eventLabel": "event-1933-glass-steagall",
                    "eventHeadline": "Glass-Steagall Act Reforms Banking Industry"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1935-porch",
              "menu_label": 1935,
              "headline": "A Secret Meeting and a New Bank Named Morgan Stanley",
              "year": 1935,
              "aemName": "event-1935",
              "photo": "ms85-1935_porch_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_right_big",
                    "year": 1935,
                    "headline": "A Secret Porch Meeting and a New Bank Named Morgan Stanley",
                    "eyebrow": "Some J.P. Morgan partners travel to the summer home of colleague Thomas Lamont to work out details for a new investment bank.\r\n",
                    "order_id": 1,
                    "typeClass": "num-right-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-porch",
                    "eventHeadline": "A Secret Meeting and a New Bank Named Morgan Stanley"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "A Porch Meeting Leads to the Creation of Morgan Stanley",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-1935",
                    "desc": "Four J.P. Morgan & Co. partners and their lawyer head to an island off the coast of Maine with plans for a secret company, “the XYZ Corporation.”\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-1935_porch_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 2
                  },
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                    "eventLabel": "event-1935-porch",
                    "eventHeadline": "A Secret Meeting and a New Bank Named Morgan Stanley"
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                },
                {
                  "type": "qa",
                  "content": {
                    "headline": "Behind the Porch Meeting",
                    "year": 9999,
                    "type": "no_image",
                    "typeClass": "no-image",
                    "date": 9999,
                    "order_id": 3,
                    "content": [
                      {
                        "answer": "The Banking Act of 1933, also known as the Glass-Steagall Act, forced banks to choose between commercial activities, such as taking deposits or making loans, and investment activities, such as underwriting securities. J.P. Morgan opted to stick with commercial banking.",
                        "question": "Why did J.P. Morgan & Co create a new company to issue securities",
                        "jcr:primaryType": "nt:unstructured"
                      },
                      {
                        "answer": "In fact, AT&T chairman Walter Gifford had approached Morgan partner Harold Stanley to see if the firm might manage a public offering for Illinois Bell. When Stanley mentioned that some Morgan partners were considering a new securities firm, Gifford responded: “That solves my problem.” With support and demand from key customers, setting up a new business made sense.",
                        "question": "Did customers have a say",
                        "jcr:primaryType": "nt:unstructured"
                      },
                      {
                        "answer": "With the U.S. economy battered by years of the Great Depression, there wasn’t much investment banking activity. Issuance of new securities had almost disappeared, dropping 96% from 1929 to 1933. The Dow was still well below its highs before the crash. In contrast, the protections embedded in new legislation made commercial banking look more stable and lucrative.",
                        "question": "Why get out of investment banking",
                        "jcr:primaryType": "nt:unstructured"
                      },
                      {
                        "answer": "Joining the new firm of Morgan Stanley & Co meant walking away from a partnership in the country’s preeminent private bank to work at a start-up in the midst of the Depression. There were no guarantees that the fledgling bank could succeed on its own. Perry Hall later likened the move to getting on “a little rowboat out in a rough sea.” For the founders, the initial challenge was not how to thrive but how to survive.",
                        "question": "Was there any risk for the new firm’s partners",
                        "jcr:primaryType": "nt:unstructured"
                      }
                    ]
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1935-founding",
              "menu_label": 1935,
              "headline": "Morgan Stanley Opens for Business",
              "year": 1935,
              "aemName": "event-1935b",
              "photo": "ms85-1935_founding_overviewsq.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1935,
                    "headline": "Morgan Stanley Opens for Business",
                    "eyebrow": "Surrounded by reporters, messengers and some 200 congratulatory flower arrangements, Morgan Stanley & Co. opens for business at 2 Wall Street with six officers and a staff of 13 employees.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
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                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
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                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "Overlooking the spire of Trinity Church at the head of Wall Street, the desks of the Morgan Stanley executives are arranged in double rows in a large open section of the offices.\r\n",
                    "type": "large_image",
                    "photo": "ms85-1935_morganandstanley_qoute_lg.png",
                    "typeClass": "large-image",
                    "author": "The New York Times, September 17, 1935",
                    "order_id": 2
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                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
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                },
                {
                  "type": "photo-gallery",
                  "content": {
                    "headline": "The Founding",
                    "eyebrow": "PHOTO",
                    "desc": "",
                    "typeClass": "med-large",
                    "gallery_type": "med_large",
                    "date": "",
                    "order_id": 3,
                    "content": [
                      {
                        "headline": "",
                        "desc": "Morgan Stanley’s opening announcement featured the new firm’s founding directors, pictured clockwise from top left: Harold Stanley, William Ewing, Henry S. Morgan, John M. Young, Edward H. York and Perry E. Hall.\r\n",
                        "photo": "ms85-1935_founding-4-copy.jpg"
                      },
                      {
                        "headline": "",
                        "desc": "The establishment of Morgan Stanley was headline-grabbing news. Many saw the opening as a glimmer of hope during grim economic times.\r\n",
                        "photo": "ms85-1935_founding_pg1.png"
                      },
                      {
                        "headline": "",
                        "desc": "Morgan Stanley’s first office was located on the nineteenth floor of 2 Wall Street (the building behind the Trinity steeple in this photo). The partners and their staff sat together in a large, rectangular room with mahogany rolltop desks. The partners’ area — even for decades to come — was known as the platform.\r\n",
                        "photo": "ms85-1935_founding-3-copy.jpg"
                      },
                      {
                        "headline": "",
                        "desc": "When financier Junius Morgan worked at a rolltop desk in his London office in the mid-1800s, he inspired his son, John Pierpont Morgan, to start a tradition that continued through the generations at his own firm. To mark Morgan Stanley’s founding in 1935, J.P. Morgan and Co. sent 18 rolltop desks from its headquarters to the new offices at 2 Wall Street. This early version was fitted with three call buttons: “BOY” (for a runner), “SECRETARY” and “SYND” (for the syndicate).\r\n",
                        "photo": "ms85-1935_founding_pg2.png"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "The Founding of Morgan Stanley ",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1935b",
                    "desc": "A small media contingent await an announcement at the J.P. Morgan headquarters about the creation of a new bank.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1935_founding_story_teaser.jpg",
                    "story-path": "",
                    "order_id": 4
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
                  }
                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "In 1979, Henry Morgan sent chairman Robert Baldwin this photograph of himself and Harold Stanley fishing in the late 1930s on Lake Erie, with the note: “I believe [it] to be the only existing picture of [the two of us] ... I thought the firm ought to have a copy if someone asks who were Morgan and Stanley.”\r\n",
                    "type": "with_Image",
                    "photo": "ms85-1953_morganandstanley_stsq.jpg",
                    "typeClass": "with-Image",
                    "author": "Henry Morgan, 1979",
                    "order_id": 5
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
                  }
                },
                {
                  "type": "profile",
                  "content": {
                    "headline": "Henry S. Morgan",
                    "eyebrow": "",
                    "type": "image_large",
                    "ms_title": "Co-founder, Secretary, Treasurer and Partner",
                    "typeClass": "image-large",
                    "served": "1935 - 1970",
                    "desc": "",
                    "date": 9999,
                    "photo": "ms85-1935_founding_morgan-bio.jpg",
                    "vid_loop_id": "",
                    "vid_id": "",
                    "order_id": 6,
                    "content": [
                      {
                        "headline": "Culture is the foundation ",
                        "desc": "As grandson of the legendary J. Pierpont Morgan and the son of J.P. Morgan, Jr., Henry Morgan was the steward of tradition and culture at Morgan Stanley for four decades. In everything he did, from the advice he dispensed to the people he hired, Morgan made it his job to uphold his father’s creed to do first-class business in a first-class way.\r\n"
                      },
                      {
                        "headline": "Put clients first ",
                        "desc": "Morgan built a deep and extensive global network by focusing on client success and satisfaction. Along with being a trusted advisor to many of the world’s largest companies, he developed relationships with foreign leaders that helped the firm expand into Canada and other nations.\r\n"
                      },
                      {
                        "headline": "Recruit and promote the best",
                        "desc": "“We recruit and hire in accord with Morgan tradition — which is to hire people who are brighter than the partners.” For Morgan, that meant looking beyond pedigree or rank to personally recruit smart, driven people from modest backgrounds and then act as a “moderator and team captain” to help them succeed.\r\n"
                      },
                      {
                        "headline": "Serve others",
                        "desc": "Morgan believed in serving and creating opportunities for others. During WW II, he served on the Joint Army and Navy Munitions Board and later as a commander with the Naval Command Office of Strategic Services. His commitment to fair play shined through in how he worked throughout his life on initiatives to reduce poverty and create opportunities for disadvantaged groups, especially in New York City.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
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                },
                {
                  "type": "profile",
                  "content": {
                    "headline": "Harold R. Stanley",
                    "eyebrow": "",
                    "type": "image_large",
                    "ms_title": "Co-founder, President and Partner ",
                    "typeClass": "image-large",
                    "served": "1935 - 1955 ",
                    "desc": "The banker “must win and retain the confidence of both issuer and investing public.” \r\n",
                    "date": 9999,
                    "photo": "ms85-1935_founding_stanley-bio.jpg",
                    "vid_loop_id": "",
                    "vid_id": "",
                    "order_id": 7,
                    "content": [
                      {
                        "headline": "Carve Your Own Path",
                        "desc": "The son of engineer William Stanley, whose inventions ranged from a game-changing transformer to an all-steel vacuum flask, Harold Stanley told Yale classmates that he wanted to go into business. Voted “Handsomest” and “Most Popular” in his graduating class, Harold Stanley was captain of the championship hockey team; coached freshman baseball; managed a musical club; and was active in college activities like city government and duck hunting.\r\n"
                      },
                      {
                        "headline": "Develop an Expertise",
                        "desc": "Early in his career, Stanley learned about development financing and construction while working at the engineering firm J.G. White & Co. From there, he developed an expertise in utilities financing and bonds that built his reputation on Wall Street and opened doors to new opportunities.\r\n"
                      },
                      {
                        "headline": "Give Back",
                        "desc": "In 1940, Stanley led the New York campaign to raise $1.5 million for the United States Commission for the Care of European Children to provide relief to young war refugees. That move marked the start of the firm’s continued commitment to children’s health.\r\n"
                      },
                      {
                        "headline": "Operate with Integrity",
                        "desc": "In his 1954 decision that exonerated Morgan Stanley and 16 other banks of anti-trust allegations, Judge Harold Medina praised “the absolute integrity of Harold Stanley.” As S. Parker Gilbert, Stanley's stepson and later President of the firm, noted: “His ethic was so strong that he would throw a senior partner out of a partners' meeting for swearing. He just had these values ... that you lived a certain life.”\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-founding",
                    "eventHeadline": "Morgan Stanley Opens for Business"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1935-power",
              "menu_label": 1935,
              "headline": "Electricity Powers First Morgan Stanley Deal",
              "year": 1935,
              "aemName": "event-1935c",
              "photo": "ms85-1935_power_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1935,
                    "headline": "Electricity Powers First Morgan Stanley Deal",
                    "eyebrow": "One week after its launch, Morgan Stanley debuts on the bond market with a $19 million offering for Consumers Power Company. \r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-power",
                    "eventHeadline": "Electricity Powers First Morgan Stanley Deal"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
                    "back_stories": [
                      {
                        "title": "A core strength of the bank",
                        "desc": "It’s no surprise that Morgan Stanley launched a $19 million bond offering for Consumers Power Company one week after the firm opened. Co-founder Harold Stanley had long been recognized as a leading authority on utility finance—a skill that would become a core strength of the bank for generations to come.\r\n"
                      },
                      {
                        "title": "Power companies needed capital",
                        "desc": "Early in his career, Stanley recognized that power companies needed capital to expand and meet the growing demand for electricity. He helped utility clients secure the equity and debt financing that enabled them to almost double the percentage of American households with electricity during the twenties — from 35% to 68% by 1929.\r\n"
                      },
                      {
                        "title": "Power and progress",
                        "desc": "In its first year, Morgan Stanley handled $1.1 billion in public offerings and private placements, many for clients such as the Dayton Power and Light Company; Ohio Edison Company; and New York and Queens Electric Light and Power Company. The firm’s client list also included telephone companies, corporations, railroads and public entities.\r\n"
                      },
                      {
                        "title": "Regulatory change prompts a move into the brokerage business",
                        "desc": "Regulatory changes in the way utility stock could be traded led in part to Morgan Stanley's reorganization as a partnership. The 1935 Public Utility Holding Company Act tightened the reach and financing options of utilities. \r\n"
                      },
                      {
                        "title": "",
                        "desc": "Six years later, as part of a broader push to increase competition, the Securities and Exchange Commission also moved to have public utilities issue securities by public sealed bidding. That increased the incentive to move into the brokerage business, prompting Morgan Stanley to liquidate its stock and reorganize as a partnership to qualify for membership on the New York Stock Exchange.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-power",
                    "eventHeadline": "Electricity Powers First Morgan Stanley Deal"
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                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Power Banker: Through Bubbles and Regulation, Utilities Wanted Harold Stanley",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-1935d",
                    "desc": "Only 35% of American households had electricity in 1920. That would change as Harold Stanley helped utility companies fund growth and turn on lights across America.\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-1935_power_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 3
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1935",
                    "eventLabel": "event-1935-power",
                    "eventHeadline": "Electricity Powers First Morgan Stanley Deal"
                  }
                },
                {
                  "type": "factoid",
                  "content": {
                    "desc": "“It is fundamental, of course, that investment houses must see that the securities which they offer are what they purport to be, irrespective of the ability and integrity of the management. They must not offer securities on an investment basis that are pure speculations.”\r\nHarold Stanley speaking in October 18, 1920 at the annual convention of the Investment Bankers Association of America.\r\n",
                    "photo": "ms85-1935_power_tc.jpg",
                    "vid_loop_id": "6046489644001",
                    "order_id": 4
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
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                    "eventLabel": "event-1935-power",
                    "eventHeadline": "Electricity Powers First Morgan Stanley Deal"
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1938-us-steel",
              "menu_label": 1938,
              "headline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War",
              "year": 1938,
              "aemName": "event-1938",
              "photo": "ms85-1938_ussteel_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1938,
                    "headline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War",
                    "eyebrow": "Morgan Stanley leads a group of 102 underwriters in managing a $100 million offering of debentures for U.S. Steel.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1938",
                    "eventLabel": "event-1938-us-steel",
                    "eventHeadline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War"
                  }
                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "Creation of new and improved products involves practically a complete rebuilding of the finishing facilities of the steel industry.\r\n",
                    "type": "with_Image",
                    "photo": "ms85-1938_steelvideo_gettyimages.jpg",
                    "typeClass": "with-Image",
                    "author": "Edward Stettinius, Chairman of the Board, U.S. Steel Corporation, May 17, 1939",
                    "order_id": 2,
                    "vid_loop_id": "6137645807001"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1938",
                    "eventLabel": "event-1938-us-steel",
                    "eventHeadline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War"
                  }
                },
                {
                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
                    "desc": "",
                    "datanumber1": "1928 - 1938",
                    "typeClass": "points-left",
                    "headline": "United States Steel Corporation finished products for sale – percent of production to capacity",
                    "source": "Exhibit No. 509, Temporary National Economic Committee, Verbatim Record of the Proceedings, Volume 3.",
                    "dataPointClass": "us-steel-table",
                    "order_id": 3
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1938",
                    "eventLabel": "event-1938-us-steel",
                    "eventHeadline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Underwriting U.S. Steel for the War Economy and Beyond",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1938",
                    "desc": "U.S. Steel was the first billion-dollar company. The company looked to Morgan Stanley to help it meet the demands of the American war effort and the post-war economic boom.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1938_ussteel_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 4
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1938",
                    "eventLabel": "event-1938-us-steel",
                    "eventHeadline": "Morgan Stanley Helps U.S. Steel Raise Money for Growth and War"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1940-stanley-philanthropy",
              "menu_label": 1940,
              "headline": "Giving Back by Responding to the Needs of Children",
              "year": 1940,
              "aemName": "event-1940",
              "photo": "ms85-1940_philanthropy_overview_sq.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1940,
                    "headline": "Giving Back by Responding to the Needs of Children",
                    "eyebrow": "Harold Stanley leads a New York campaign to raise $1.5 million for the U.S. Committee for the Care of European Children.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1940",
                    "eventLabel": "event-1940-stanley-philanthropy",
                    "eventHeadline": "Giving Back by Responding to the Needs of Children"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
                    "back_stories": [
                      {
                        "title": "Raising Money to Save European Children",
                        "desc": "When Congress failed to even vote on a set of bills that proposed admitting 20,000 refugee children from Germany in 1939, it became clear that private efforts were needed.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "In response, First Lady Eleanor Roosevelt convened what became The United States Committee for the Care of European Children (USCOM) in June 1940. Harold Stanley quickly volunteered to lead a fundraising campaign in New York\r\n"
                      },
                      {
                        "title": "",
                        "desc": "To raise awareness and money, Eleanor Roosevelt promoted USCOM’s mission in her “My Day” newspaper column, writing: “I am thankful beyond words that it is going to be possible to do something for these European children.”\r\n"
                      },
                      {
                        "title": "Committee turns to relief",
                        "desc": "Although America’s neutral stance enabled the committee to operate as a relief agency in Vichy France, rescuing the children was no easy task. Once they had the necessary visas and other paperwork in place, the children had to travel through a network of agencies in Spain and Portugal to board a passenger ship from Lisbon to the U.S., where the children would be placed with foster families.\r\n"
                      },
                      {
                        "title": "Making a difference",
                        "desc": "The committee evacuated about 300 children, many of whom were Jewish, to the U.S. between 1940 and 1942. Its operation ended when Hitler’s troops invaded southern France in 1942, though the organization continued to rescue children in Spain and Portugal.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1940",
                    "eventLabel": "event-1940-stanley-philanthropy",
                    "eventHeadline": "Giving Back by Responding to the Needs of Children"
                  }
                },
                {
                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
                    "desc": "",
                    "datanumber1": "$1.5",
                    "datanumber2": "million",
                    "typeClass": "points-two",
                    "headline": "Money raised by Harold Stanley through the New York campaign of the U.S. Committee for European Children.",
                    "dataPointClass": "",
                    "order_id": 3
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1940",
                    "eventLabel": "event-1940-stanley-philanthropy",
                    "eventHeadline": "Giving Back by Responding to the Needs of Children"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Creating a Foundation for Helping Children – and Giving Back",
                    "eyebrow": "",
                    "type": "image_left",
                    "storyName": "story-1940",
                    "desc": "When Congress failed to vote on a set of bills that proposed admitting 20,000 refugee children from Germany in 1939, private efforts were needed to address the crisis.\r\n",
                    "typeClass": "image-left",
                    "photo": "ms85-1940_philanthropy_story.jpg",
                    "story-path": "",
                    "order_id": 4
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
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                    "eventLabel": "event-1940-stanley-philanthropy",
                    "eventHeadline": "Giving Back by Responding to the Needs of Children"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1941-partnership",
              "menu_label": 1941,
              "headline": "Morgan Stanley Opts for Growth Through Partnership",
              "year": 1941,
              "aemName": "event-1941",
              "photo": "ms85-partnership_overview-sq.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1941,
                    "headline": "Morgan Stanley Opts for Growth Through Partnership",
                    "eyebrow": "Morgan Stanley reorganizes as a partnership to enable the firm to qualify for membership in the New York Stock Exchange and expand into the brokerage business.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-partnership",
                    "eventHeadline": "Morgan Stanley Opts for Growth Through Partnership"
                  }
                },
                {
                  "type": "factoid",
                  "content": {
                    "desc": ""With the new partnership structure in place, Morgan Stanley was able to successfully secure a seat on the New York Stock Exchange, as reported in The New York Times January 9, 1942. The Exchange's Board of Governors had approved the transfer of a seat from Clarence R. Hayes to Morgan Stanley partner John M. Young, the Times noted. “While the primary business of Morgan Stanley will continue to be the underwriting and wholesaling of new securities,” the newspaper said, the move would enable the firm to get into “both the stock and bond commission business.”\r\n",
                    "photo": "ms85-1941_partnership_tc.jpg",
                    "vid_loop_id": "6046489644001",
                    "order_id": 2
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-partnership",
                    "eventHeadline": "Morgan Stanley Opts for Growth Through Partnership"
                  }
                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "We think that we can be more effective as a partnership than as a corporation because the former type of organization opens up several avenues of activity that have been closed to us as a corporation.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Harold Stanley, The New York Times, Nov. 28, 1941",
                    "order_id": 3
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-partnership",
                    "eventHeadline": "Morgan Stanley Opts for Growth Through Partnership"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 4,
                    "back_stories": [
                      {
                        "title": "The announcement",
                        "desc": "“Harold Stanley, Henry S. Morgan, Perry E. Hall, John M. Young, Allen Northey Jones, Edward H. York Jr, Alfred Shriver and Summer B. Emerson announce that they are forming a partnership under the name of Morgan Stanley & Co in which they will be general partners. William Ewing and Henry S. Morgan will be limited partners.”\r\n"
                      },
                      {
                        "title": "Why?",
                        "desc": "As a partnership, the firm was allowed to become a member of the stock exchange, broadening its business beyond underwriting and distributing new securities and allowing it to trade and distribute stocks and bonds.\r\n"
                      },
                      {
                        "title": "How?",
                        "desc": "The partners had to back about $3.3 million of preferred stock owned by outside shareholders and retire it, then recapitalize the business by investing their own funds. In doing so, it severed formal financial ties with J.P. Morgan & Co., addressing a key SEC concern.\r\n"
                      }
                    ]
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-partnership",
                    "eventHeadline": "Morgan Stanley Opts for Growth Through Partnership"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Partnership: Morgan Stanley Reorganizes for Growth",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-1941",
                    "desc": "Without the ability to incorporate and issue shares, Morgan Stanley might not have come to life.\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-partnership_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 5
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-partnership",
                    "eventHeadline": "Morgan Stanley Opts for Growth Through Partnership"
                  }
                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1941-wwii",
              "menu_label": 1941,
              "headline": "Serving the Country: Morgan Stanley and WWII",
              "year": 1941,
              "aemName": "event-1941b",
              "photo": "ms85-1941b_wwii_sq.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1941,
                    "headline": "Serving the Country: Morgan Stanley and WWII",
                    "eyebrow": "The U.S. declares war on Japan in response to an attack on Pearl Harbor, declaring war on Germany and Italy two days later.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-wwii",
                    "eventHeadline": "Serving the Country: Morgan Stanley and WWII"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Morgan Stanley Serves in World War II",
                    "eyebrow": "",
                    "type": "image_left",
                    "storyName": "story-1941b",
                    "desc": "Morgan Stanley partners and staff bring their financial and leadership skills to the Allied war effort.\r\n",
                    "typeClass": "image-left",
                    "photo": "ms85-1941_wwii_story-teaser.jpg",
                    "story-path": "",
                    "order_id": 2
                  },
                  "routeInfo": {
                    "eraLabel": "era-1",
                    "eventYear": "1941",
                    "eventLabel": "event-1941-wwii",
                    "eventHeadline": "Serving the Country: Morgan Stanley and WWII"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 3,
                    "back_stories": [
                      {
                        "title": "Morgan Stanley goes to war",
                        "desc": "When the United States declared war in 1941, many of Morgan Stanley’s leaders and staff put their careers on hold to serve their country.\r\n"
                      },
                      {
                        "title": "Henry Morgan",
                        "desc": "Co-founder Henry Morgan reported for duty as a reserve lieutenant in the Navy and was assigned to the Joint Army and Navy Munitions Board; he later served as a commander with the Naval Command Office of Strategic Services.\r\n"
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                        "title": "Perry Hall",
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                        "desc": "These photographs capture how the Trading Floor appeared in 1935, when Morgan Stanley was founded. The horseshoe-shaped posts were intsalled in 1930.\r\n*Photography courtesy of NYSE Group\r\n",
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                        "desc": "The design allowed the specialists to stand outside the posts and coordinate the trading of up to 25 stocks at each location. A gang of clerks, tube men, and runners would work inside the horseshoe transmitting the orders and recording the stock quotes and sales.\r\n*Photography courtesy of NYSE Group\r\n",
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                    "desc": "We are proud to have been part of the launch of the World Bank’s critical mission. More than 70 years since first raising capital, the World Bank remains a powerful force for global prosperity through its innovative financing programs, technical assistance and project support.\r\n",
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                "headline": "Where is our Ferdinand Pecora?",
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                "headline": "Speech by Harold Stanley of Guarantee Trust Co. at the annual convention of the Investment Bankers Association of America",
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              "content": {
                "headline": "The U.S. Economy in the 1920s",
                "source": "Economic History Association. Figure 17. Dwellings with Electricity, 1920 to 1930.  ",
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                "headline": "FIRST OFFER TODAY BY MORGAN STANLEY",
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                "headline": "COMPETITIVE BIDDING IN THE SALE OF PUBLIC UTILITY BONDS",
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                "headline": "History of the Class of 1908, Yale College, Volume 2.",
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                "headline": "Corrected Opinion of Harold R. Medina, United States Circuit Court",
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                        "desc": "Hall graduated from Princeton in 1917, working his way through school by tutoring other students. After a stint at Guaranty Company, he moved to J.P. Morgan & Co. and its related firm Drexel & Co., where he was asked to be one of Morgan Stanley’s founding partners.\r\n"
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                        "desc": "GM kicked off the decade with a “Midcentury Motorama” at New York’s Waldorf Astoria hotel, dazzling the public with 38 new models, including a Cadillac Debutante convertible trimmed with leopard skin, a salmon-hued Buick Riviera with pink interiors and a deluxe hardtop Chevrolet Bel-Air with a novel feature: automatic transmission.\r\n",
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                        "desc": "Morgan Stanley helped GM issue nearly 4.4 million new common shares in 1955 at $75 each, yielding $328 million. With 624,000 employees and booming sales, GM becomes the first U.S. corporation to earn more than $1 billion a year.\r\n",
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                        "desc": "“With a favorable economic climate, an enterprise system unhampered by controls, and a people willing to work for an improved standard of living, the responsibility rests with industry and business to keep the economy strong and, over the years, keep it expanding.”\r\n—Harlow H. Curtice, the President of GM, January, 1954\r\n",
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                        "title": "New initiatives",
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                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "A Model of Client Service: Morgan Stanley Partner Samuel Payne",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1970b",
                    "desc": "Samuel B. Payne joined Morgan Stanley in 1944, becoming a partner three years later. Along with being involved in a range of charitable activities, Payne was also a tree farmer and breeder of registered Angus cattle.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1970_payne_storyteaser.jpg",
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                }
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            },
            {
              "date_start": 9999,
              "title": "event-1970-japan",
              "menu_label": 1970,
              "headline": "Morgan Stanley Opens for Business in Japan",
              "year": 1970,
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                {
                  "type": "intro",
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                    "type": "image_small",
                    "year": 1970,
                    "headline": "Morgan Stanley Opens for Business in Japan",
                    "eyebrow": "Morgan Stanley is among the first global investment banks to establish a presence in Japan.\r\n",
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                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
                    "back_stories": [
                      {
                        "title": "50 Years of Focusing on Japan",
                        "desc": "Since opening a representative office in Tokyo in 1970, Morgan Stanley has been one of the largest and most active foreign financial firms in Japan.\r\n"
                      },
                      {
                        "title": "1984",
                        "desc": "Morgan Stanley International Ltd. (MSIL) opens a Tokyo Branch and obtains a securities business license. Two years later, it becomes a member of the Tokyo Stock Exchange.\r\n"
                      },
                      {
                        "title": "1995",
                        "desc": "The firm is granted a dual license for advisory and investment trust businesses, and launches a real estate business in 1999.\r\n"
                      },
                      {
                        "title": "2008",
                        "desc": "Mitsubishi UFJ Financial Group (MUFG) invests $9 billion in Morgan Stanley for a 21% stake. They go on to partner on hundreds of global deals.\r\n"
                      },
                      {
                        "title": "2010",
                        "desc": "MUFG and Morgan Stanley integrate their securities operations in Japan to form Morgan Stanley MUFG Securities Co., Ltd.\r\n"
                      }
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                  "content": {
                    "headline": "A New Frontier: Morgan Stanley Japan",
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                    "type": "image_right",
                    "storyName": "story-1970b0",
                    "desc": "Morgan Stanley started as a niche player in Japan. Yet the firm developed relationships, clout and knowledge that would prove to be invaluable as opportunities grew.\r\n",
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            {
              "date_start": 9999,
              "title": "event-1971-lasell",
              "menu_label": 1971,
              "headline": "Chester H. Lasell Named Morgan Stanley President",
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                    "type": "num_left_big",
                    "year": 1971,
                    "headline": "Chester Lasell Named Morgan Stanley President",
                    "eyebrow": "Chester H. Lasell, who joined Morgan Stanley at its inception in 1935, becomes president.\r\n",
                    "order_id": 1,
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                    "eventHeadline": "Chester H. Lasell Named Morgan Stanley President"
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                  "type": "profile",
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                    "headline": "Chester H. Lasell",
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                    "ms_title": "President",
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                    "served": "1971 – 1972",
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                    "order_id": 2,
                    "content": [
                      {
                        "headline": "",
                        "desc": "Lasell joined Morgan Stanley in 1935 at the firm's inception, becoming a partner in 1951.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "During World War II, Lasell served in the U.S. Naval Reserve, retiring as lieutenant commander in 1946.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Lasell retired in 1973 and remained an advisor to the company until his death in 1998.\r\n"
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            },
            {
              "date_start": 9999,
              "title": "event-1972-sales",
              "menu_label": 1972,
              "headline": "Expansion and Disruption: A New Era",
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                    "headline": "Expansion and Disruption: A New Era",
                    "eyebrow": "Morgan Stanley launches a sales and trading business as part of a broader transformation of the firm.\r\n",
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                    "eventHeadline": "Expansion and Disruption: A New Era"
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                  "type": "quote",
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                    "desc": "[Morgan Stanley] is led by a group of energetic young financiers, many of them still in their thirties ... It has built a securities trading and sales force from scratch in three years, as well as a first-rank research organization.\r\n",
                    "type": "large_quote",
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                    "author": "Michael C. Jensen, The New York Times",
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Morgan Stanley Transforms for a New Era",
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                    "storyName": "story-1972",
                    "desc": "Morgan Stanley must change its business model and talent pool to meet new demands and opportunities.\r\n",
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                    "order_id": 3
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            {
              "date_start": 9999,
              "title": "event-1973-decade-of-transformation",
              "menu_label": 1973,
              "headline": "New Leadership and A New Vision For The Firm",
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                {
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                    "year": 1973,
                    "headline": "Frank Petito Becomes Morgan Stanley Chairman",
                    "eyebrow": "In 1973, Frank A. Petito steps up as chairman, bringing new leadership and a new vision for the firm.\r\n",
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                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "He was very much the statesman and conscience of the firm, inheriting the Harry Morgan role.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Ron Chernow, Author, \"The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance\"",
                    "order_id": 2
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                    "eventYear": "1973",
                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                  "type": "profile",
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                    "headline": "Frank A. Petito",
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                    "order_id": 3,
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                      {
                        "headline": "",
                        "desc": "Petito, the son of Italian immigrants, drove Morgan Stanley’s expansion into Europe in the 1960s. When he became the firm’s first chairman during a bear market and stagflation in 1973, he pushed to invest more heavily in opportunities overseas.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "As a highly esteemed banker and former military intelligence officer during World War II, Petito understood the value of informed advice. Instead of giving it to clients for free, he pushed the firm to profit from its expertise and expand its advisory and research capabilities.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "To create a top-notch research department from scratch in 1973, Petito wooed hedge fund manager Barton Biggs by offering him a partnership on the spot. Within four years, Morgan Stanley had initiated research coverage on 500 companies.\r\n"
                      }
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                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "The Global Vision of Frank A. Petito",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1973",
                    "desc": "The son of Italian immigrants, Petito pushed Morgan Stanley to invest overseas and develop a research department.\r\n",
                    "typeClass": "image-right",
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                    "order_id": 4
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Morgan Stanley's Decade of Transformation",
                    "desc": "Robert H.B. Baldwin becomes president of the firm and sets out to change its culture.\r\n",
                    "typeClass": "image-center",
                    "date": 1973,
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                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
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                  "type": "profile",
                  "content": {
                    "headline": "Robert H. B. Baldwin",
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                    "ms_title": "President & Chairman",
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                    "served": "1973 - 1983",
                    "desc": "“An independent and forward-looking thinker, he led with exceptional ideas, helping to build the Morgan Stanley we know today.” - James P. Gorman\r\n",
                    "date": 9999,
                    "photo": "ms85-1973_baldwin_bio.jpg",
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                    "order_id": 6,
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                      {
                        "headline": "",
                        "desc": "Baldwin took pride in being the grandson of a Pennsylvania Railroad conductor and having paid his way through Princeton by running a laundry. He joined Morgan Stanley in 1946 after serving as a naval officer in World War II.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "In 1965, Baldwin left the firm to serve for two years as Under Secretary of the U.S. Navy. He returned, determined to transform Morgan Stanley from a partnership serving mainly blue-chip corporations looking to raise capital into a global giant competing in areas like sales and trading; research; mergers and acquisitions; and wealth management.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Baldwin oversaw a tenfold increase in staff to 2,600 employees during his tenure, from the high-profile hire of Barton Biggs to widescale recruitment of top traders. One sign of growth: Baldwin's "End of an Era" memo, in which he explained that all employees must use full last names rather than initials for office communications. He signed it "RHBB."\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Baldwin recognized not only the opportunities for growth but also the perils of sticking with the traditional business model. When the SEC passed new legislation that did away with fixed commissions on trades, Baldwin accurately predicted it would speed up the demise of hundreds of Wall Street firms. By diversifying Morgan Stanley, he made sure the firm wasn't one of them.\r\n"
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                  "type": "quote",
                  "content": {
                    "desc": "As we look to the future, it is clear that change will be constant and that financial organizations must adapt or perish.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Robert H.B. Baldwin, President & Chairman",
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Leading Morgan Stanley in a New Direction",
                    "eyebrow": "",
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                    "storyName": "story-1973b",
                    "desc": "As president from 1973 to 1979 and chairman from 1979 to 1983, Robert Baldwin made it his mission to transform the firm.\r\n",
                    "typeClass": "image-large",
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                    "order_id": 8
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Creating a Research Department for Morgan Stanley",
                    "desc": "Barton Biggs, a hedge fund manager, is hired to launch a research division. He became the first person brought into the firm as a partner.\r\n",
                    "typeClass": "image-left",
                    "date": 1973,
                    "photo": "ms85-1973_biggs_overview_sq.jpg",
                    "order_id": 9
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                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "After eight days in China, I’m tuned in, overfed and maximum bullish.\r\n",
                    "type": "large_image",
                    "photo": "ms85-1973_biggs_quote.png",
                    "typeClass": "large-image",
                    "author": "Barton Biggs in 1993",
                    "order_id": 10
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                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Setting the Gold Standard for Research and Analysis",
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                    "storyName": "story-1973c",
                    "desc": "Barton Biggs launches a research division that quickly becomes known for its objectivity and foresight.\r\n",
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                    "order_id": 11
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Morgan Stanley Leaves Wall Street",
                    "desc": "To get closer to clients and expand into new businesses, Morgan Stanley moves its headquarters to Midtown Manhattan.\r\n",
                    "typeClass": "image-center",
                    "date": 1973,
                    "photo": "ms85-1973_msmove_squareoverview.jpg",
                    "order_id": 12
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 13,
                    "back_stories": [
                      {
                        "title": "Moving Closer to Clients, and More: Why Morgan Stanley Moved Its Headquarters to Midtown",
                        "desc": ""
                      },
                      {
                        "title": "",
                        "desc": "In 1967, Morgan Stanley vacated its original offices at 2 Wall Street for nearby 140 Broadway. Within a few years, the firm needed more space as it prepared to expand into new areas of business. Several factors made the 1973 move to 1251 Avenue of the Americas in Midtown Manhattan an easy choice.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "With the adoption of mainframe computers and the introduction in 1968 of the NYSE Central Certificate Service, trading became more automated. As banks were freed from the need to physically deliver stocks and paperwork, they had less incentive to cluster together.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "To expand into sales and trading, Morgan Stanley needed a large trading floor with sufficient wiring and space for computers to handle volumes of transactions. It was easier to outfit new uptown skyscrapers than it was to modernize older buildings on Wall Street.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "As the firm expanded, it sought to offer commuting employees a short walk from Grand Central Station or Penn Station. Even more important was the prospect of being closer to corporate clients located in Midtown Manhattan.\r\n"
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Morgan Stanley Trades Wall Street for Midtown",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1973d",
                    "desc": "Morgan Stanley President Robert Baldwin pushes the firm to build a trading floor and move closer to clients.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1973_msmove_storyteaser.jpg",
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                    "order_id": 14
                  },
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "May Day Rule Change Ushers in New Era of Securities Trading",
                    "desc": "The Securities and Exchange Commission abolishes fixed-rate commissions on stock trading, enabling brokers to compete on rates.\r\n",
                    "typeClass": "image-left",
                    "date": 1973,
                    "photo": "ms85-1973_mayday_overview_sq-copy.jpg",
                    "order_id": 15
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 16,
                    "back_stories": [
                      {
                        "title": "May Day - Behind the Big Bang on Wall Street",
                        "desc": "In 1792, 24 brokers and merchants sign the Buttonwood Agreement, pledging to trade with each other for a minimum commission of 0.25%. It established both fixed rates and what became the New York Stock Exchange.<br />\r\n\r\n"
                      },
                      {
                        "title": "November 17, 1970",
                        "desc": "NYSE President Robert Haack creates an uproar after saying in a speech to the Economic Club of New York that he favors eventually ending fixed commissions.\r\n"
                      },
                      {
                        "title": "September 11, 1973",
                        "desc": "The Securities and Exchange Commission says the NYSE can raise commission rates on April 1, 1974 - but only if it abolishes fixed rates a year later.\r\n"
                      },
                      {
                        "title": "January 23, 1975",
                        "desc": "With a bill before Congress, the SEC formally adopts a rule to abolish fixed commissions by May 1. Morgan Stanley President Robert Baldwin, a former Navy under secretary, uses the distress call “Mayday!” to describe the move.\r\n"
                      },
                      {
                        "title": "May 1, 1975",
                        "desc": "At 10 a.m., brokers immediately start offering discounts to woo clients. While commissions go down, the volume of stock transactions increases as fees become more affordable for small investors, creating demand for services like equity research and wealth management.\r\n"
                      }
                    ]
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                    "eventLabel": "event-1973-decade-of-transformation",
                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "May Day Brings an End to Fixed Rates on Wall Street",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-1973e",
                    "desc": "Morgan Stanley’s transition from white-shoe brokerage to full-service financial firm pays off after a sudden rule change on Wall Street.\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-1973_mayday_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 17
                  },
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                    "eventHeadline": "New Leadership and A New Vision For The Firm"
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            },
            {
              "date_start": 9999,
              "title": "event-1974-inco",
              "menu_label": 1974,
              "headline": "Morgan Stanley Helps Inco with a Hostile Takeover",
              "year": 1974,
              "aemName": "event-1974",
              "photo": "ms85-1974_inco_squareoverview.jpg",
              "photoAltTxt": "",
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                  "type": "intro",
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                    "type": "num_left_big",
                    "year": 1974,
                    "headline": "Morgan Stanley Helps Inco With a Hostile Takeover",
                    "eyebrow": "Morgan Stanley advises nickel giant Inco on its hostile takeover of ESB, a landmark move that brought credibility to such deals.\r\n",
                    "order_id": 1,
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                    "eventHeadline": "Morgan Stanley Helps Inco with a Hostile Takeover"
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                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Due Diligence: Helping a Client With a Hostile Acquisition",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1974",
                    "desc": "How Morgan Stanley evolved to meet a unique client need.\r\n",
                    "typeClass": "image-right",
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                    "eventLabel": "event-1974-inco",
                    "eventHeadline": "Morgan Stanley Helps Inco with a Hostile Takeover"
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1975-ms-international",
              "menu_label": 1975,
              "headline": "Morgan Stanley Explores Global Markets",
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                    "year": 1975,
                    "headline": "Morgan Stanley Explores Global Markets",
                    "eyebrow": "Morgan Stanley buys the remaining stake in Morgan &amp; Cie., renaming it Morgan Stanley International.\r\n",
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                    "eventLabel": "event-1975-ms-international",
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                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
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                    "back_stories": [
                      {
                        "title": "Venturing Abroad: The Globalization of Finance in the 1970s",
                        "desc": "Morgan Stanley was not the only firm to explore new markets during the 1970s. Several factors prompted Wall Street to look abroad for growth.\r\n"
                      },
                      {
                        "title": "Deregulation",
                        "desc": "Various countries began to deregulate their banking systems in the 1970s. To spur competition, they abandoned cartel agreements and controls and lowered the barrier to entry for foreign banks.\r\n"
                      },
                      {
                        "title": "Inflation",
                        "desc": "Investors sought opportunities to generate higher returns in developed economies and emerging markets as the Bretton Woods system broke down in 1971 and the post-WW II boom gave way to high unemployment, slower economic growth and rising prices.\r\n"
                      },
                      {
                        "title": "Technology",
                        "desc": "While computers had yet to transform the lives of consumers, new mainframe technologies made it easier to communicate, automate, trade, manage data and operate on a global scale. This created conditions to boost manufacturing and move money around the world at an accelerated pace. Automation also increased opportunities for innovation and diversification.\r\n"
                      },
                      {
                        "title": "Multinational growth",
                        "desc": "As corporations and investors expanded abroad, banks moved with them, setting up branch offices to tap local markets and serve clients in every time zone at every hour of the day.\r\n"
                      }
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              "date_start": 9999,
              "title": "event-1977-private-client",
              "menu_label": 1977,
              "headline": "Morgan Stanley International Opens Headquarters in London",
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                    "year": 1977,
                    "headline": "Morgan Stanley International Opens Headquarters in London",
                    "eyebrow": "The firm takes a major step to better serve global clients across time zones.\r\n",
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                },
                {
                  "type": "factoid",
                  "content": {
                    "desc": "In the 1970s, international expansion became a priority for Morgan Stanley. London’s burgeoning role as the financial capital of Europe made it a more logical location to establish a global headquarters. While Morgan Stanley opened its international headquarters in 1977, London became a much more vibrant financial hub several years later.\r\n",
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Establishing Morgan Stanley International in London",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1977",
                    "desc": "How the firm predicted in the ‘70s that London would become a financial hub.\r\n",
                    "typeClass": "image-right",
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                    "order_id": 3
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                    "eventLabel": "event-1977-private-client",
                    "eventHeadline": "Morgan Stanley International Opens Headquarters in London"
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Individual Investors Served by Newly Founded Private Client Services",
                    "desc": "Morgan Stanley hires Anson M. Beard, Jr. to launch Private Client Services for individual investors and smaller institutions.\r\n",
                    "typeClass": "image-center",
                    "date": 1977,
                    "photo": "ms85-1977_privateclient_sq.jpg",
                    "order_id": 4
                  },
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                    "eventHeadline": "Morgan Stanley International Opens Headquarters in London"
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            },
            {
              "date_start": 9999,
              "title": "event-1980-apple",
              "menu_label": 1980,
              "headline": "Morgan Stanley Co-manages the IPO of Apple Computers",
              "year": 1980,
              "aemName": "event-1980",
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                {
                  "type": "intro",
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                    "type": "num_right_big",
                    "year": 1980,
                    "headline": "Morgan Stanley Co-Manages the IPO of Apple Computers",
                    "eyebrow": "Apple Computer goes public at $22 a share, raising more than $100 million and giving 25-year-old Steve Jobs a stake worth $217 million after its first trading day.\r\n",
                    "order_id": 1,
                    "typeClass": "num-right-big"
                  },
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                    "eventYear": "1980",
                    "eventLabel": "event-1980-apple",
                    "eventHeadline": "Morgan Stanley Co-manages the IPO of Apple Computers"
                  }
                },
                {
                  "type": "video",
                  "content": {
                    "headline": "Apple Common Stock Offering",
                    "eyebrow": 9999,
                    "photo": "ms85-1980_apple_stock_storyinsert.jpg",
                    "typeClass": "vid-large",
                    "videoType": "vid_large",
                    "desc": "",
                    "date": "",
                    "vid_id": "6046489644001",
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                    "order_id": 2
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                    "eventLabel": "event-1980-apple",
                    "eventHeadline": "Morgan Stanley Co-manages the IPO of Apple Computers"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Behind the Apple IPO",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-1980",
                    "desc": "Apple signified the emergence of a new class of company built on technology growth that didn’t meet the traditional IPO criteria set by the firm.\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-1980_apple_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 3
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                    "eventHeadline": "Morgan Stanley Co-manages the IPO of Apple Computers"
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            },
            {
              "date_start": 9999,
              "title": "event-1983-gilbert",
              "menu_label": 1983,
              "headline": "Gilbert Named President of Morgan Stanley",
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                {
                  "type": "intro",
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                    "type": "num_left_big",
                    "year": 1983,
                    "headline": "Gilbert Named President of Morgan Stanley",
                    "eyebrow": "S. Parker Gilbert takes over as president of the firm and moves to the chairman role a year later.\r\n",
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                    "eventLabel": "event-1983-gilbert",
                    "eventHeadline": "Gilbert Named President of Morgan Stanley"
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                  "type": "profile",
                  "content": {
                    "headline": "S. Parker Gilbert",
                    "eyebrow": "",
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                    "ms_title": "President & Chairman",
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                    "served": "1983 - 1990",
                    "desc": "“Parker was the heart and soul of Morgan Stanley. He was born into the firm, became C.E.O., retired, and then brought about a change in leadership. He was the firm’s DNA.”\r\n- Anson M. Beard, Jr. in The New York Times\r\n",
                    "date": 9999,
                    "photo": "ms85-1982_gilbert_bio.jpg",
                    "vid_loop_id": "",
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                    "order_id": 2,
                    "content": [
                      {
                        "headline": "",
                        "desc": "Gilbert joined Morgan Stanley in 1960 after a three-year stint in the U.S. Army, and was elected partner in 1969. During his chairmanship, Morgan Stanley’s equity rose almost tenfold, from $207 million to $2 billion, and the number of employees grew from 2,600 to 6,800.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Gilbert was known for building consensus within the organization. Although he led Morgan Stanley through its IPO and the tumultuous markets of the 1980s, Gilbert kept the firm grounded in its traditions and core values.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Gilbert had Morgan Stanley in his DNA: His father was among the J.P. Morgan partners present at the meeting that formed Morgan Stanley. Gilbert's father died in 1938 when he was four. His mother, Louise, later married Harold Stanley. Gilbert’s godfather was Henry Morgan.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "&quot;The world of investment banking is progressing through dramatic change,&quot; Gilbert wrote, while serving as chairman with President Richard Fisher in 1985. &quot;We are committed to being at the leading age of this change.&quot;\r\n"
                      }
                    ]
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            },
            {
              "date_start": 9999,
              "title": "event-1984-fisher",
              "menu_label": 1984,
              "headline": "Richard B. Fisher Is Named President",
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              "aemName": "event-1984",
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                {
                  "type": "intro",
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                    "type": "num_right_big",
                    "year": 1984,
                    "headline": "Richard B. Fisher Is Named President",
                    "eyebrow": "Richard Fisher steps up to lead the firm, championing technologies that transform products and services for clients.\r\n",
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                    "eventHeadline": "Richard B. Fisher Is Named President"
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                  "type": "profile",
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                    "headline": "Richard B. Fisher",
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                    "ms_title": "President & Chairman",
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                    "served": "1984 - 1997",
                    "desc": "“A Wall Street icon, trusted and admired by scores of leaders in business, education and the arts.” - Robert Scott, President, Morgan Stanley (2001 – 2003)\r\n",
                    "date": 9999,
                    "photo": "ms85-1984_fisher_bio.jpg",
                    "vid_loop_id": "",
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                    "order_id": 2,
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                      {
                        "headline": "",
                        "desc": "As a new associate in 1962, Fisher was assigned to oversee the creation of the firm’s - and one of the industry’s - first computerized financial model. He remained an advocate for new technologies throughout his career, leading development of the first trade analysis and processing system (TAPS) in 1984, and the first analytical proprietary trading unit in 1986. \r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Ten years after joining the firm, Fisher was put in charge of Morgan Stanley’s new sales and trading operation in 1972. By 1977, the business was one of the best on Wall Street.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Fisher was revered for his strength of character and ability to inspire people. Former Morgan Stanley Chairman and CEO John Mack recalls Fisher as “a CEO that clients wanted to deal with.”\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Fisher was known for his generous devotion to the arts and education. He was a trustee of Bard College and the board chairman for both Rockefeller University and the Urban Institute. Fisher served&nbsp;as chairman of the Brooklyn Academy of Music Endowment Trust and as a trustee of the Tate Gallery American Fund.\r\n"
                      }
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                    "eventHeadline": "Richard B. Fisher Is Named President"
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Morgan Stanley's Pioneering Technology",
                    "desc": "The firm creates the Trade Analysis and Processing System (TAPS), which lets users make more trades with greater accuracy.\r\n",
                    "typeClass": "image-left",
                    "date": 1984,
                    "photo": "ms85-1984_taps_sqpng.jpg",
                    "order_id": 3
                  },
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                    "eventHeadline": "Richard B. Fisher Is Named President"
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            },
            {
              "date_start": 9999,
              "title": "event-1984-prime-brokerage",
              "menu_label": 1984,
              "headline": "Morgan Stanley Delivers Technology and Client Service with Prime Brokerage",
              "year": 1984,
              "aemName": "event-1984c",
              "photo": "ms85-1984_primebrokerage_squareoverview.png",
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                {
                  "type": "intro",
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                    "type": "num_right_big",
                    "year": 1984,
                    "headline": "Morgan Stanley Delivers Technology and Client Service With Prime Brokerage",
                    "eyebrow": "The firm launches a prime brokerage business, becoming one of the market leaders in providing fund managers with a range of services, from capital raising to back office support.\r\n",
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                    "typeClass": "num-right-big"
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                    "eventHeadline": "Morgan Stanley Delivers Technology and Client Service with Prime Brokerage"
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                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "Morgan Stanley has sort of fathered us along and took us from being nothing to perhaps their largest prime brokerage client.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Julian H. Robertson, Jr., founder of Tiger Management, 2001",
                    "order_id": 2
                  },
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                    "eventLabel": "event-1984-prime-brokerage",
                    "eventHeadline": "Morgan Stanley Delivers Technology and Client Service with Prime Brokerage"
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                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Hedge Fund Is Key to Launch of Morgan Stanley Prime Brokerage",
                    "eyebrow": "",
                    "type": "image_right",
                    "storyName": "story-1984b",
                    "desc": "From the start, Morgan Stanley’s prime brokerage business was a marriage of technology and client service.\r\n",
                    "typeClass": "image-right",
                    "photo": "ms85-1984_primebrokerage_storyteaser.png",
                    "story-path": "",
                    "order_id": 3
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                    "eventHeadline": "Morgan Stanley Delivers Technology and Client Service with Prime Brokerage"
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1986-msci-tokyo",
              "menu_label": 1986,
              "headline": "Morgan Stanley Launches First Comprehensive Global Markets Index",
              "year": 1986,
              "aemName": "event-1986",
              "photo": "ms85-1986_msci_story_sq.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1986,
                    "headline": "Morgan Stanley Launches First Comprehensive Global Markets Index",
                    "eyebrow": "Morgan Stanley&nbsp;buys a stake in client Capital International and expands on its global stock market indices under the new name Morgan Stanley Capital International (MSCI).\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-3",
                    "eventYear": "1986",
                    "eventLabel": "event-1986-msci-tokyo",
                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
                  }
                },
                {
                  "type": "backstory",
                  "content": {
                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
                    "back_stories": [
                      {
                        "title": "MSCI: Creating Tools for Global Investing",
                        "desc": "Morgan Stanley buys a stake in Capital International, the first set of global stock market indices , and acquires the licensing rights to launch Morgan Stanley Capital International, or MSCI.\r\n"
                      },
                      {
                        "title": "1988",
                        "desc": "The MSCI Emerging Markets Index launches as the first comprehensive index of equity markets in developing countries, with 10 countries representing less than 1% of the market cap of public companies worldwide.\r\n"
                      },
                      {
                        "title": "2004",
                        "desc": "Morgan Stanley acquires Barra Inc. for $816 million, and merges it with Morgan Stanley Capital International to form MSCI Barra.\r\n"
                      },
                      {
                        "title": "2007",
                        "desc": "Morgan Stanley spins off MSCI Inc. with an initial public offering of 14 million shares at $18 each. The shares soar 45% to close at $26.10, valuing the company at $2.7 billion.\r\n"
                      },
                      {
                        "title": "2009",
                        "desc": "Morgan Stanley sells off its stake in MSCI, which remains an important client.\r\n"
                      }
                    ]
                  },
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                    "eventYear": "1986",
                    "eventLabel": "event-1986-msci-tokyo",
                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
                  }
                },
                {
                  "type": "story-teaser",
                  "content": {
                    "headline": "Morgan Stanley Capital International Launches First Comprehensive Global Markets Index",
                    "eyebrow": "",
                    "type": "image_left",
                    "storyName": "story-1986",
                    "desc": "As investors expand into global markets in the ‘80s, Morgan Stanley recognizes the need for new benchmarks and tools.\r\n",
                    "typeClass": "image-left",
                    "photo": "ms85-1986_msci_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 3
                  },
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                    "eventYear": "1986",
                    "eventLabel": "event-1986-msci-tokyo",
                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
                  }
                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Morgan Stanley Joins the Tokyo Stock Exchange",
                    "desc": "Morgan Stanley becomes the first U.S. investment bank to buy a seat on the Tokyo Stock Exchange.\r\n",
                    "typeClass": "image-center",
                    "date": 1986,
                    "photo": "ms85-1986b_tokyoseat_sq.jpg",
                    "order_id": 4
                  },
                  "routeInfo": {
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                    "eventYear": "1986",
                    "eventLabel": "event-1986-msci-tokyo",
                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
                  }
                },
                {
                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
                    "desc": "",
                    "datanumber1": "$5",
                    "datanumber2": "Million",
                    "typeClass": "points-two",
                    "headline": "January 1986: The fee to own a seat on the Tokyo Stock Exchange",
                    "dataPointClass": "",
                    "order_id": 5
                  },
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                    "eventYear": "1986",
                    "eventLabel": "event-1986-msci-tokyo",
                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
                  }
                },
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                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
                    "desc": "",
                    "datanumber1": "$480,000",
                    "typeClass": "points-two",
                    "headline": "January 1986: The cost of a seat on the New York Stock Exchange",
                    "dataPointClass": "",
                    "order_id": 6
                  },
                  "routeInfo": {
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                    "eventYear": "1986",
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                    "eventHeadline": "Morgan Stanley Launches First Comprehensive Global Markets Index"
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1986-proprietary-trading",
              "menu_label": 1986,
              "headline": "New Unit Supports Quantitative Trading",
              "year": 1986,
              "aemName": "event-1986b",
              "photo": "ms85-1986_proptrading.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "num_left_big",
                    "year": 1986,
                    "headline": "New Unit Supports Quantitative Trading",
                    "eyebrow": "Morgan Stanley launches an analytical proprietary trading group that brings together traders, technical analysts and computer specialists to create and deploy new technologies in trading.\r\n",
                    "order_id": 1,
                    "typeClass": "num-left-big"
                  },
                  "routeInfo": {
                    "eraLabel": "era-3",
                    "eventYear": "1986",
                    "eventLabel": "event-1986-proprietary-trading",
                    "eventHeadline": "New Unit Supports Quantitative Trading"
                  }
                },
                {
                  "type": "factoid",
                  "content": {
                    "headline": "The New York Times on Morgan Stanley’s analytical proprietary trading Unit:",
                    "desc": "“The unit was extremely sophisticated, Wall Street executives say. For example, it contained an analytical program, nicknamed Pac-Man, which helped analysts evaluate factors affecting stock prices. The system generated multi-dimensional graphs on a computer screen, and analysts put on 3-D glasses to read them.”\r\n- Kurt Eichenwald, The New York Times, April, 1991.&nbsp;\r\n",
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                    "vid_loop_id": "6046489644001",
                    "order_id": 2
                  },
                  "routeInfo": {
                    "eraLabel": "era-3",
                    "eventYear": "1986",
                    "eventLabel": "event-1986-proprietary-trading",
                    "eventHeadline": "New Unit Supports Quantitative Trading"
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                }
              ]
            },
            {
              "date_start": 9999,
              "title": "event-1987-market-crash",
              "menu_label": 1987,
              "headline": "Black Monday: The Stock Market Crash of 1987",
              "year": 1987,
              "aemName": "event-1987",
              "photo": "ms85-1987_marketcrash_squareoverview.jpg",
              "photoAltTxt": "",
              "content": [
                {
                  "type": "intro",
                  "content": {
                    "type": "image_small",
                    "year": 1987,
                    "headline": "Black Monday: The Stock Market Crash of 1987",
                    "eyebrow": "After a five-year bull run in U.S. stocks, the Dow drops 22.6% in one day.\r\n",
                    "order_id": 1,
                    "typeClass": "image-small"
                  },
                  "routeInfo": {
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                "headline": "MSCI Inc.'s Successful IPO: Which Indexer is Next?",
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              "content": {
                "headline": "Celebrating 75 Years of Morgan Stanley",
                "source": "Morgan Stanley. Pg. 34. 2010.",
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              "content": {
                "headline": "Morgan Stanley’s MSCI Soars in Market Debut",
                "source": "Reuters, by Lilla Zuill. Nov 15, 2007.",
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              "content": {
                "headline": "All About/Wall Street Technology; Wall Street's Cutbacks Sidestep Fat Budgets for High-Tech Trading",
                "source": "The New York Times. Kurt Eichenwald. April 7, 1991.",
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              "content": {
                "headline": "Emerging market country allocation matters",
                "source": "MSCI. Nov 6, 2019.",
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          "menu_label": "leading-the-tech-revolution",
          "headline": "Leading the Tech Revolution",
          "desc": "A leader in helping dot-com pioneers drive the digital revolution, the firm disrupts itself amid new challenges.",
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              "date_start": 9999,
              "title": "event-1993-mack",
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                        "desc": "John Mack has been called the heart and soul of Morgan Stanley. Since he first walked in the door at the age of twenty-eight, Mack had been a major force behind the growth and success of the firm.\r\n"
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                        "desc": "When he joined Morgan Stanley in 1972 the firm still functioned like a partnership, with only 350 employees. Mack became head of Worldwide Taxable Fixed Income in 1985, and worked under his mentor, Richard Fisher, to build it into one of the firm’s most important divisions. Under Mack’s leadership, Fixed Income business grew by 75 percent and revenues increased fivefold.\r\n"
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                        "desc": "Mack spent much of his early career working on the trading floor—and his management style was to walk the floor and adjoining halls, listening to employee concerns. He told Investment Dealers’ Digest in 1994 that he would bump into six hundred people when he got a cup of coffee.\r\n"
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                        "desc": "In more than thirty years at the firm there was no greater test of Mack’s leadership than the global financial crisis of 2008.\r\nWhen the crisis took down rivals Bear Stearns and Lehman Brothers, there was a real possibility that Morgan Stanley would fail, too.\r\n"
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                        "headline": "",
                        "desc": "Mack and his management team—including then co-presidents James Gorman and Walid Chammah, chief financial officer Colm Kelleher, and chief administrative officer Thomas Nides—worked for three weeks straight to save the firm by securing a $9 billion capital investment from Mitsubishi UFJ.\r\n"
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                        "desc": "In the midst of the crisis, Mack harkened back to the methods of his trading days: walking the trading floors and popping into client meetings.\r\n"
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                        "desc": "Mack saw it as the firm’s duty to offer a team led by two of the firm’s most experienced bankers, Ruth Porat and Robert Scully, pro bono to help the U.S. Treasury Department navigate the crisis at mortgage providers Fannie Mae and Freddie Mac.\r\n"
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                        "headline": "",
                        "desc": "Mack’s accomplishments heading the firm were numerous. He launched a transformative joint venture, Morgan Stanley Smith Barney, and brought in future president James Gorman to integrate and lead the firm’s wealth management businesses.\r\n"
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                      {
                        "headline": "",
                        "desc": "He greatly expanded operations in China, foreseeing its growth potential long before rivals. He helped Morgan Stanley take the lead in the environmental space, shrinking the firm’s own carbon footprint and investing in clean tech and carbon trading. He wrote a new chapter in the firm’s commitment to children’s health by leading the effort to raise $65 million to launch Morgan Stanley Children’s Hospital in New York.\r\n"
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                        "headline": "",
                        "desc": "In the Morgan Stanley tradition, Mack is a self-made man from North Carolina who attended Duke University on a football scholarship. After graduating from Duke in 1968, he got his first job as a bond salesman at Smith Barney.\r\n"
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                    "eyebrow": "Morgan Stanley opens an office in Mumbai, becoming the first U.S. investment bank to purchase a seat on the Bombay Stock Exchange in 1995.\r\n",
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                      {
                        "title": "Morgan Stanley in India: Global Banking in One of the World’s Fastest-Growing Economies",
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                      {
                        "title": "1989",
                        "desc": "With the offshore India Magnum Fund, Morgan Stanley becomes one of the first foreign institutional investors in India; the country's first domestic fund launches in 1994.\r\n"
                      },
                      {
                        "title": "2019",
                        "desc": "Morgan Stanley announces plans to develop nearly 800,000 square feet of commercial space in the Goregaon suburb of Mumbai to accommodate the firm's growing operations.\r\n"
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                        "title": "1993",
                        "desc": "The firm opens an office in Mumbai.\r\n"
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                        "title": "1995",
                        "desc": "Morgan Stanley is the first U.S. firm to purchase a seat on the Bombay Stock Exchange.\r\n"
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                      {
                        "title": "1997",
                        "desc": "Morgan Stanley announces a joint venture with JM Financial Group in investment banking, institutional equity sales and trading.\r\n"
                      },
                      {
                        "title": "1998",
                        "desc": "The firm launches the Morgan Stanley India Summit.\r\n"
                      },
                      {
                        "title": "2003",
                        "desc": "Morgan Stanley opens its first Indian Global In-House Center (GIC) in Mumbai.\r\n"
                      },
                      {
                        "title": "2007",
                        "desc": "Morgan Stanley dissolves the JM Financial deal to operate a wholly owned, full-service India platform.\r\n"
                      },
                      {
                        "title": "2009",
                        "desc": "Morgan Stanley India leads 15 equity deals with a volume of $7 billion.\r\n"
                      },
                      {
                        "title": "2014",
                        "desc": "The firm opens its second Indian Global In-House Center in Bengaluru to support global businesses.\r\n"
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              "headline": "Morgan Stanley Grows Abroad",
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                    "headline": "Morgan Stanley Opens Offices in Beijing and Shanghai",
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                  "content": {
                    "headline": "A Post-Apartheid Pioneer: Morgan Stanley in South Africa",
                    "desc": "Morgan Stanley becomes the first global investment bank to open an office in Johannesburg, following the fall of apartheid and election of Nelson Mandela as president of the Republic’s first multi-racial government.\r\n",
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                  "content": {
                    "headline": "Morgan Stanley Establishes a Presence in Russia",
                    "desc": "Morgan Stanley opens an office in Moscow and quickly broadens its product offerings in Russia.\r\n",
                    "typeClass": "image-center",
                    "date": 1994,
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              "headline": "A Joint Venture Creates a New Investment Bank in China",
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                    "headline": "A Joint Venture Creates a New Investment Bank in China",
                    "eyebrow": "Morgan Stanley teams up with the state-run China Construction Bank to launch China International Capital Corporation, the country's first joint venture investment bank.\r\n",
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                    "headline": "Swipe Through Cards to Learn More",
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                    "back_stories": [
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                        "title": "1993 - 1995:",
                        "desc": "Morgan Stanley was one of the first global investment banks to establish a presence in China in the 1990s. It invested in Ping An Insurance in 1993; opened offices in Beijing and Shanghai in 1994; and co-founded China International Capital Corporation in 1995.\r\n"
                      },
                      {
                        "title": "2005 - 2006:",
                        "desc": "In the first decade of the 21st Century, Morgan Stanley continued to be a major player in China. In 2005, it co-managed China Construction Bank’s $9.2 billion IPO. The next year, Morgan Stanley became the first foreign bank to receive a wholly-owned commercial banking license in China.\r\n"
                      },
                      {
                        "title": "2007:",
                        "desc": "As the global credit crisis began to unravel at the end of 2007, China Investment Corp. made a $5 billion investment in Morgan Stanley.\r\n"
                      },
                      {
                        "title": "2008 – 2011:",
                        "desc": "The firm's growth in China is a testament to the power of partnership, with joint ventures such as Hangzhou Industrial and Commercial Trust and Morgan Stanley Huaxin Fund Management Company in 2008 and Morgan Stanley Huaxin Securities in 2011.\r\n"
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                      {
                        "title": "2020:",
                        "desc": "Since establishing an onshore presence in China more than 26 years ago, Morgan Stanley has completed more than 200 IPOs for Chinese companies. During this period, the firm also raised $917 billion for Chinese clients in international markets, including $359 billion in equities and $558 billion in debts, and advised on more than $540 billion in China M&amp;A deals.*\r\n"
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                    "headline": "An Enduring Friendship With China",
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              "date_start": 9999,
              "title": "event-1995-internet-report",
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              "headline": "Morgan Stanley's Internet Report Is the First Annual Internet Analysis",
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                    "headline": "Morgan Stanley's Internet Report Is the First Annual Internet Analysis",
                    "eyebrow": "Morgan Stanley analysts Mary Meeker and Chris DePuy release The Internet Report, a landmark analysis that became a book and established Morgan Stanley’s place in Silicon Valley.\r\n",
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                },
                {
                  "type": "quote",
                  "content": {
                    "desc": "At a minimum, e-mail should become pervasive. So should Inter­net/Web access: E-mail is the ‘killer application’ of the ­Internet today, and browsing through information services the ‘killer app’ of tomorrow.\r\n",
                    "type": "with_Image",
                    "photo": "ms85-marymeeker.jpg",
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                    "author": "Mary Meeker and Chris DePuy. The Internet Report, 1995.",
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                    "headline": "Morgan Stanley Internet Report Gives Investors Early Insight Into Silicon Valley",
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                    "desc": "Mary Meeker’s seminal report makes Morgan Stanley the go-to firm for expertise on emerging technologies and the internet.\r\n",
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              "headline": "Morgan Stanley Opens for Business in Brazil",
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                    "eyebrow": "In 1997, Morgan Stanley establishes its first permanent office in São Paulo.\r\n",
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                        "title": "Morgan Stanley in Brazil",
                        "desc": "In March 1997, encouraged by the reforms, opportunities and outlook in Brazil, the firm opened its first permanent office in São Paulo.\r\n"
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                      {
                        "title": "",
                        "desc": "Brazil had become more attractive to foreign banks in the 1990s after the government privatized state-run monopolies and launched a new currency that was pegged to the U.S. dollar. After producing some of the world’s best returns in the first half of 1997, the country came under pressure after the devaluation of Thailand's baht.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Morgan Stanley continued to invest in the market. In 1998, it arranged more Latin American bond sales than any other bank. It teamed up that year with Banco Primus SA to provide asset management services to institutional investors in Brazil’s $88 billion pension fund market. In 2001, the firm opened a brokerage house and a bank in Brazil.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Today, the office consists of investment banking, equity division, fixed income, foreign exchange, commodities and prime brokerage. The São Paulo team consists of over 210 professionals who have consistently kept Morgan Stanley in a leadership position in capital raising and strategic advisory services for Brazilian clients.\r\n"
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              "title": "event-1997-asia-crisis",
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              "headline": "The Asian Financial Crisis",
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                    "year": 1997,
                    "headline": "The Asian Financial Crisis",
                    "eyebrow": "Thailand devalues its currency against the U.S. dollar, setting off a panic that sends stock prices and currency values down across the region.\r\n",
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                    "eventHeadline": "The Asian Financial Crisis"
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                {
                  "type": "quote",
                  "content": {
                    "desc": "Lacking in foreign exchange reserves, overly exposed to short-term external debt and with rigid currency pegs, the region stood little chance when the hot money started to flee.\r\n",
                    "type": "large_quote",
                    "typeClass": "large-quote",
                    "author": "Stephen Roach, then chairman of Morgan Stanley Asia",
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                    "eventLabel": "event-1997-asia-crisis",
                    "eventHeadline": "The Asian Financial Crisis"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "The Lessons of the 1997 Asian Financial Crisis",
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                    "storyName": "story-1997",
                    "desc": "The continent’s emerging economies soar, but an undercurrent of borrowed money threatens to knock them down.\r\n",
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                    "order_id": 3
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                    "eventHeadline": "The Asian Financial Crisis"
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            },
            {
              "date_start": 9999,
              "title": "event-1997-dean-witter",
              "menu_label": 1997,
              "headline": "Morgan Stanley Dean Witter & Co. Is Formed",
              "year": 1997,
              "aemName": "event-1997c",
              "photo": "ms85-dw_overviewsq.jpg",
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                {
                  "type": "intro",
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                    "type": "num_left_big",
                    "year": 1997,
                    "headline": "Morgan Stanley Dean Witter & Co. Is Formed",
                    "eyebrow": "Morgan Stanley merges with Dean Witter to create a powerhouse in securities and asset management.\r\n",
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                    "eventLabel": "event-1997-dean-witter",
                    "eventHeadline": "Morgan Stanley Dean Witter & Co. Is Formed"
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                  "type": "story-teaser",
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                    "headline": "A Merger Creates Morgan Stanley Dean Witter",
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                    "type": "image_large",
                    "storyName": "story-1997b",
                    "desc": "The union created America’s largest securities firm and gave Morgan Stanley a foothold in asset management.\r\n",
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                    "eventLabel": "event-1997-dean-witter",
                    "eventHeadline": "Morgan Stanley Dean Witter & Co. Is Formed"
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                  "type": "callout",
                  "content": {
                    "headline": "Merger with Dean Witter Brings Morgan Stanley New CEO",
                    "desc": "Philip J. Purcell becomes CEO after Morgan Stanley’s $10.2 billion merger with Dean Witter.\r\n",
                    "typeClass": "image-center",
                    "date": 1997,
                    "photo": "ms85-1997_deanwitter_story_call_out_sq.jpg",
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              "date_start": 9999,
              "title": "event-1999-ups",
              "menu_label": 1999,
              "headline": "Morgan Stanley Wins $5 Billion UPS IPO",
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                    "year": 1999,
                    "headline": "Morgan Stanley Wins $5 Billion UPS IPO",
                    "eyebrow": "Morgan Stanley serves as lead underwriter for UPS in a $5.47 billion public offering that was the largest IPO ever at the time.\r\n",
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                    "eventHeadline": "Morgan Stanley Wins $5 Billion UPS IPO"
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                },
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                  "type": "quote",
                  "content": {
                    "desc": "The CEO looked me in the eye and said, ‘Just tell me that you’re going to do this successfully, and that it’s not going to change the culture of UPS.’ And he trusted me enough that when I said yes, he said, ‘Okay, we’re going to do it.’\r\nThey knew that we had their best interests in our hearts. They knew we would give them unbiased advice and we were there for the long pull.\r\n",
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                    "typeClass": "large-quote",
                    "author": "James A. Runde, former vice chairman, Morgan Stanley",
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                  "type": "profile",
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                    "headline": "James A. Runde",
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                    "ms_title": "Former Vice-Chairman, Morgan Stanley ",
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                    "served": "1974 - 2014",
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                    "date": 9999,
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                        "headline": "",
                        "desc": "Runde studied electrical engineering at Marquette University on a Navy ROTC scholarship. He then spent five years building nuclear submarines in the U.S. Navy while earning an MBA from George Washington University before joining Morgan Stanley in 1974 as an associate covering industrial accounts.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Known as a master at cold calling, Runde was on active duty when got a job at Morgan Stanley by knocking on the door of former Navy Under Secretary and then president Bob Baldwin. Runde’s 1996 cold call to Robert J. Clanin, then chief financial officer of UPS, established a relationship that resulted in Morgan Stanley leading the parcel delivery giant’s IPO three years later.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "In 2014, Runde became the longest serving investment banker at a single U.S. firm.\r\nAs a special adviser, the former vice chairman noted that it was “invigorating to say something that people a generation or two behind me find relevant and useful.” Two years later, Runde shared his leadership philosophy and became a published author.\r\n"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Putting Customers First: How Morgan Stanley won the UPS IPO",
                    "eyebrow": "",
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                    "storyName": "story-1999",
                    "desc": "It was the largest IPO in history at the time – and it all began with a cold call.\r\n",
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              "date_start": 9999,
              "title": "event-1999-euro",
              "menu_label": 1999,
              "headline": "The Launch of the Euro",
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                    "type": "num_left_big",
                    "year": 1999,
                    "headline": "The Launch of the Euro",
                    "eyebrow": "The European Union launches the euro, a common currency that displaces the national currencies of 11 member countries for accounting and electronic payments. Three years later, bank notes and coins are introduced.\r\n",
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                    "eventHeadline": "The Launch of the Euro"
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                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
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                      {
                        "title": "The History of the Euro: 1979",
                        "desc": "The European Monetary System (EMS) is created to stabilize exchange rates and curb inflation by loosening ties to the U.S. dollar. The system establishes the European Currency Unit (ECU) as a basket of currencies from eight member states, as well as an exchange rate mechanism to alter the relative value of each currency.\r\n"
                      },
                      {
                        "title": "1999",
                        "desc": "The euro is launched as a virtual currency, displacing the sovereign currencies of 11 qualifying member countries for accounting purposes and online transactions. Initially valued at U.S. $1.17, the euro falls below $0.85 by October 2000 amid concerns over support for a single currency.\r\n"
                      },
                      {
                        "title": "2001",
                        "desc": "Greece meets the conditions to adopt the euro. U.K. Prime Minister Tony Blair vows to decide whether Britain will opt for the common currency within two years.\r\n"
                      },
                      {
                        "title": "2002",
                        "desc": "The euro becomes legal tender with bank notes and coins issued in the 12 participating countries, displacing their national currencies.\r\n"
                      },
                      {
                        "title": "Present day",
                        "desc": "By 2020, 19 of the 27 member states are part of this so-called Eurozone. The rest chose to retain their national currencies or have not yet met the conditions to adopt the euro.\r\n"
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              "date_start": 9999,
              "title": "event-2000-gic",
              "menu_label": 2000,
              "headline": "Hubs for Talent and Engines of Innovation",
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                    "year": 2000,
                    "headline": "Hubs for Talent and Engines of Innovation",
                    "eyebrow": "The first global in-house center opens in Glasgow with an initial team of six employees.\r\n",
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                    "eventHeadline": "Hubs for Talent and Engines of Innovation"
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                  "type": "data-point",
                  "content": {
                    "eyebrow": "FACTOID",
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                    "datanumber1": "GICS",
                    "typeClass": "points-two",
                    "headline": "Global in-house centers expand throughout the 2000s.",
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                    "order_id": 2
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                    "eventHeadline": "Hubs for Talent and Engines of Innovation"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "How Global In-House Centers Became Engines of Innovation",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-2000",
                    "desc": "Morgan Stanley scours the world for talent to prepare for the digital era and serve the global needs of its clients.\r\n",
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                    "photo": "ms85-gic_story-teaser-copy.jpg",
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                    "order_id": 3
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                  "type": "callout",
                  "content": {
                    "headline": "From Internet Bubble to Bust",
                    "desc": "The NASDAQ loses 14% of its value, or almost a trillion dollars, marking the end of the dot-com boom.\r\n",
                    "typeClass": "image-right",
                    "date": 2000,
                    "photo": "ms85-2000_dotcom_overviewsq.jpg",
                    "order_id": 4
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              "date_start": 9999,
              "title": "event-2001-september-11",
              "menu_label": 2001,
              "headline": "A Hero of September 11: Morgan Stanley’s Rick Rescorla Saved Thousands of Lives",
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                    "type": "num_right_big",
                    "year": 2001,
                    "headline": "A Hero of September 11: Morgan Stanley’s Rick Rescorla Saved Thousands of Lives",
                    "eyebrow": "Terrorists attack the World Trade Center, where Morgan Stanley Dean Witter is the largest tenant. Head of security Rick Rescola gave his life helping evacuate employees that day.\r\n",
                    "order_id": 1,
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                },
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                  "type": "factoid",
                  "content": {
                    "headline": "Morgan Stanley lost 13 employees on September 11, 2001",
                    "desc": "",
                    "photo": "ms85-2001_911memoriam.jpg",
                    "vid_loop_id": "6046489644001",
                    "order_id": 2
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                    "eventHeadline": "A Hero of September 11: Morgan Stanley’s Rick Rescorla Saved Thousands of Lives"
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                    "headline": "A September 11 Hero: Morgan Stanley’s Rick Rescorla Saved Lives",
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                    "storyName": "story-2001",
                    "desc": "He prepared Morgan Stanley employees for a possible attack and issued the evacuation order.\r\n",
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                    "story-path": "",
                    "order_id": 3
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            {
              "date_start": 9999,
              "title": "event-2002-sarbanes-oxley",
              "menu_label": 2002,
              "headline": "Sarbanes-Oxley Act Helps Improve Investor Confidence",
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                  "type": "intro",
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                    "year": 2002,
                    "headline": "Sarbanes-Oxley Act Helps Improve Investor Confidence",
                    "eyebrow": "After several high-profile corporate scandals, Congress passes the Sarbanes-Oxley Act of 2002 to combat fraud and boost investor trust.\r\n",
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                },
                {
                  "type": "qa",
                  "content": {
                    "headline": "Behind the Sarbanes-Oxley Act of 2002",
                    "year": 9999,
                    "type": "no_image",
                    "typeClass": "no-image",
                    "desc": "<p><i>&quot;The most far-reaching reforms of American business practices since the time of Franklin Delano Roosevelt.&quot; </i>– President George W. Bush, 2002</p>\r\n",
                    "date": 9999,
                    "order_id": 2,
                    "content": [
                      {
                        "answer": "The Sarbanes-Oxley Act, or “SOX,\" was passed in response to scandals at Enron, Tyco, WorldCom and other companies involving financial fraud or mismanagement. Regulators wanted to instill more accountability, independence, rigor and trust in reported numbers.",
                        "question": "Why did Congress pass a new law",
                        "jcr:primaryType": "nt:unstructured"
                      },
                      {
                        "answer": "Critics complained that the cost of compliance was too high and would make the U.S. a less attractive place to list shares. Protiviti, a consultancy that annually tracks SOX compliance costs, found that the added time and processes could still add up to $1.3 million a year, despite increased automation (although most companies would pay much less)..",
                        "question": "Why was SOX criticized",
                        "jcr:primaryType": "nt:unstructured"
                      },
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                        "answer": "SOX imposed new internal controls and procedures for financial reporting, holding CEOs and auditors accountable for the numbers they present. The act also strengthened the independence of boards and gave protection to whistleblowers. It also established the Public Company Accounting Oversight Board.",
                        "question": "What changed for public companies",
                        "jcr:primaryType": "nt:unstructured"
                      },
                      {
                        "answer": "Investors have strong confidence in U.S. capital markets, financial statements and public company auditors. As Julie Bell Lindsay, Executive Director of the Center for Audit Quality, wrote in The Financial Times in January 2020: “Financial restatements in the U.S. are the lowest in 18 years and we have regained and sustained investors’ trust.”",
                        "question": "Was it worth it",
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              "date_start": 9999,
              "title": "event-2003-childrens-hospital",
              "menu_label": 2003,
              "headline": "Morgan Stanley Children’s Hospital Opens",
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                    "headline": "Morgan Stanley Children’s Hospital Opens",
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                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
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                    "back_stories": [
                      {
                        "title": "The Form and Function of Family-Centered Care: How the Morgan Stanley Children’s Hospital Set a New Gold Standard",
                        "desc": ""
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                      {
                        "title": "",
                        "desc": "When it opened in late 2003, the Morgan Stanley Children's Hospital of New York-Presbyterian set a new gold standard in treatment - not just of children but also of their families. As writer Harrison Luoma noted in the August 2004 issue of Healthcare Design magazine, “This extraordinary facility gives tangible form to the principle of family-centered care.”\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Most of the patient rooms were single occupancy, measuring 382 square feet, with an alcove that included a day bed and desk for caregivers to work, and window seats set low so children could get great views from their beds. To personalize each child's room, an area of wall space at the entrance of each room was designed to feature a child's favorite artwork, messages or photographs.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Each floor was designed with murals from classic children’s books and contained a Child Life Center, a playroom designated as a &quot;safe space&quot; from medical procedures where children are taught coping mechanisms, such as talk therapy and relaxation. There was also a Family Support Suite, as well as a public school room staffed by New York City public school teachers.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Many of the family-friendly innovations were expressed through practices such as consolidating integrated services in one area and offering young patients access to musical theater. \r\n"
                      },
                      {
                        "title": "",
                        "desc": "The hospital was the first in New York to offer patients and their families handheld remote and wireless keyboard devices enabling access to e-mail and the Web. The first iPhone didn’t come on the market until four years later.\r\n"
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                    "headline": "Morgan Stanley Children's Hospital Is Pediatric Medicine Innovator",
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                    "desc": "Morgan Stanley has been committed to helping children since its inception. Partnering with New York-Presbyterian to create a pediatric facility was a natural fit.\r\n",
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              "date_start": 9999,
              "title": "event-2005-the-group-of-eight",
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              "headline": "Morgan Stanley CEO Challenged by \"Group of Eight \"",
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                    "headline": "Morgan Stanley CEO Challenged by 'Group of Eight'",
                    "eyebrow": "In March 2005, eight retired Morgan Stanley executives publish an open letter to the board, calling for the removal of chairman and CEO Philip Purcell.\r\n",
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                  "type": "callout",
                  "content": {
                    "headline": "Mack Is Back",
                    "desc": "A trusted leader returns to the firm, helping it fuse more closely with Dean Witter and survive the financial crisis.\r\n",
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                    "date": 2005,
                    "photo": "ms85-mackisback_sq.jpg",
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              "date_start": 9999,
              "title": "event-2007-discover",
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              "headline": "Morgan Stanley Spins Off Discover Financial Services",
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                    "year": 2007,
                    "headline": "Morgan Stanley Spins Off Discover Financial Services",
                    "eyebrow": "The firm ends its nine-year involvement with the credit card and electronic payment services business.\r\n",
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                    "headline": "The Spin-Off of Discover",
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                    "storyName": "story-2007",
                    "desc": "Morgan Stanley separates from the innovative credit card company to focus on investment banking and trading.\r\n",
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              "content": {
                "headline": "Morgan Stanley Named India's Best Equity House",
                "source": "Morgan Stanley, Press Release. Jan, 6, 2010.",
                "source_url": "https://www.morganstanley.com/press-releases/morgan-stanley-named-indias-best-equity-house_0c8da8ea-fc7f-11de-92f7-854c54651381",
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                "headline": "Morgan Stanley Dissolves Partnership in India to Go Solo",
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                "headline": "Celebrating 75 Years of Morgan Stanley",
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                        "answer": "Japan’s largest financial group had been looking to build its global investment banking capacity prior to the crisis and had identified Morgan Stanley as a preferred partner for a strategic alliance. Although Morgan Stanley’s stock and capital were under pressure, MUFG believed in the strength of the U.S. bank’s network, talent and customer relationships.",
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                        "answer": "The alliance has created a leading investment bank in Japan and enabled both partners to compete on a global scale. As an example, Morgan Stanley and MUFG teamed up in early 2019 to lend $33.5 billion to Bristol-Myers Squibb for its merger with Celgene. It was one of the biggest bridge loans on record.",
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                        "answer": "Along with providing $9 billion in capital and a strong foundation of $1.1 trillion in bank deposits, MUFG brought deep commercial expertise and a global platform that helped Morgan Stanley transition to a bank holding company. The banks’ complementary strengths helped both pursue opportunities in Japan and other areas that wouldn’t have been possible if each bank was acting on its own. ",
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                        "answer": "The Troubled Asset Relief Program, or TARP, was an initiative passed by Congress in October 2008 to restore confidence and liquidity in the nation’s financial system, primarily by purchasing toxic assets and shoring up the balance sheets of those that held them.",
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                        "answer": "Congress authorized the U.S. Treasury to spend up to $700 billion to buy or guarantee troubled assets held by banks and other institutions to avert bankruptcies and instill confidence in the system. While the scope of the program shifted, its core mission remained the same.",
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                        "answer": "A “troubled” or “toxic” asset is a deteriorating asset that few – if any – investors want to buy. In late 2008, that referred to assets tied to subprime mortgages, which had plummeted in value after the real estate market collapsed.",
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                      {
                        "answer": "Taxpayers ultimately made money from TARP as recipients like Morgan Stanley repaid the funds with interest. In recognition of “the extraordinary financial support” from the government, then CEO John Mack declined his annual bonus in years following the 2008 crisis.",
                        "question": "How much did TARP cost the government",
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                    "eventYear": "2008",
                    "eventLabel": "event-2008-financial-crisis",
                    "eventHeadline": "Wall Street Meltdown Leads to Financial Crisis"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "The Troubled Asset Relief Program Stabilizes Markets",
                    "eyebrow": "",
                    "type": "image_large",
                    "storyName": "story-2008b",
                    "desc": "On Sept. 28, 2008, the Dow Jones industrial average fell more than 777 points. Five days later, Congress passed the Troubled Asset Relief Program (TARP) as part of the Emergency Economic Stabilization Act of 2008.\r\n",
                    "typeClass": "image-large",
                    "photo": "ms85-2008_tarp_storyteaser.jpg",
                    "story-path": "",
                    "order_id": 14
                  },
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                    "eventHeadline": "Wall Street Meltdown Leads to Financial Crisis"
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                  "type": "story-teaser",
                  "content": {
                    "headline": "John Mack’s Race to Save Morgan Stanley During the 2008 Financial Crisis",
                    "eyebrow": "",
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                    "storyName": "story-2008c",
                    "desc": "The firm’s CEO meets with government regulators and external partners to fortify Morgan Stanley and guide it through the crisis.\r\n",
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              "date_start": 9999,
              "title": "event-2009-global-sustainable-finance",
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              "headline": "Morgan Stanley Creates the Global Sustainable Finance Group",
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                    "year": 2009,
                    "headline": "Morgan Stanley Creates the Global Sustainable Finance Group",
                    "eyebrow": "Demonstrating a commitment to integrating environmental, social and governance (ESG) factors across its core businesses, the firm establishes the Global Sustainable Finance group.\r\n",
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                    "headline": "Swipe Through Cards to Learn More",
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                    "back_stories": [
                      {
                        "title": "Morgan Stanley Building a Better Business Model Through Sustainable Finance",
                        "desc": "Although Morgan Stanley has long supported sustainability initiatives, such as solar energy and microfinance loans, the firm elevated those efforts into a company-wide mission when it launched the Global Sustainable Finance group in 2009. Since then, the concept of sustainability has become embedded in every aspect of the firm’s products and services, including:\r\n"
                      },
                      {
                        "title": "Investing Products and Tools",
                        "desc": "Through the Investing with Impact Platform (IIP), the first dedicated platform for sustainable investing led by a major financial institution, investors can choose from a growing roster of funds, products and tool kits that enable them to align their portfolios with their priorities and values.\r\n"
                      },
                      {
                        "title": "Education and Thought Leadership",
                        "desc": "The Institute for Sustainable Investing is focused on harnessing the power of capital markets to help protect the environment through products and to forge partnerships with the public and private sectors to build capacity and best practices to scale solutions.\r\n"
                      },
                      {
                        "title": "Walking the Walk",
                        "desc": "From the Plastic Waste Resolution to a commitment to achieving carbon neutrality across its global operations by 2022, Morgan Stanley wants to not only promote best practices but also live them.\r\n"
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              "date_start": 9999,
              "title": "event-2009-smith-barney",
              "menu_label": 2009,
              "headline": "Morgan Stanley Makes a Bold Move with 2009 Smith Barney Joint Venture",
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                  "type": "intro",
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                    "type": "image_small",
                    "year": 2009,
                    "headline": "Morgan Stanley Makes a Big Move on Wealth Management",
                    "eyebrow": "Within weeks of securing capital to get Morgan Stanley through the 2008 financial crisis, the firm’s co-president James Gorman and CEO John Mack decided to make a big move on wealth management.\r\n",
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                    "headline": "Morgan Stanley’s Makes a Bold Move with Smith Barney Joint Venture",
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                    "storyName": "story-2009",
                    "desc": "In 2009, James Gorman and John Mack reached out to Citigroup CEO Vikram Pandit with a bold proposal.\r\n",
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                    "order_id": 2
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              "title": "event-2010-gorman",
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              "headline": "James P. Gorman, President and Chief Executive Officer",
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                    "year": 2010,
                    "headline": "James Gorman Becomes President and CEO",
                    "eyebrow": "He helped the firm recover from the financial crisis and reach new heights by building Morgan Stanley’s wealth and investment management businesses.\r\n",
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                  "type": "quote",
                  "content": {
                    "desc": "While a robust strategy can cause a company to be successful at any point in time, a strong culture ensures enduring success over decades.\r\n",
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                    "author": "James P. Gorman, President and CEO, 2010",
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                  "type": "profile",
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                    "headline": "James P. Gorman",
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                        "headline": "",
                        "desc": "James P. Gorman, 61, is Chairman and CEO of Morgan Stanley.\r\nMr. Gorman became CEO in January 2010 and Chairman in January 2012. He joined the Firm in February 2006 and was named Co-President in December 2007.\r\n"
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                        "headline": "",
                        "desc": "Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this, he was a senior partner of McKinsey &amp; Co. and began his career as an attorney in Melbourne, Australia.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Among his civic activities, Mr. Gorman serves as a Director of the Federal Reserve Bank of New York and the Council on Foreign Relations, Chairman of the Financial Services Forum, and Co-Chair of the Board of Overseers of the Columbia Business School, and is a member of the Business Council and the Business Roundtable.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "He formerly served as President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association and Co- Chairman of the Business Committee of the Metropolitan Museum of Art.\r\n"
                      },
                      {
                        "headline": "",
                        "desc": "Mr. Gorman, who was born in Australia, earned a B.A. and Law degree from the University of Melbourne and an M.B.A. from Columbia University.\r\n"
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              "date_start": 9999,
              "title": "event-2012-indonesia",
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              "headline": "Morgan Stanley Purchases a Seat on the Indonesia Stock Exchange",
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                    "year": 2012,
                    "headline": "Morgan Stanley Purchases a Seat on the Indonesia Stock Exchange",
                    "eyebrow": "Morgan Stanley is the first U.S. firm to buy a seat on the Indonesia Stock Exchange, enabling it to launch a full-scale brokerage business.\r\n",
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                    "desc": "We look to contribute to the development of Indonesia’s capital markets. As a firm, we want to bring new companies to market and grow the liquidity of existing listed entities.\r\n",
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                    "photo": "ms85-2018_gorman_bloombergmag_quote_large.png",
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                    "author": "James P. Gorman, CEO",
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                },
                {
                  "type": "callout",
                  "content": {
                    "headline": "Averting a Potentially Devastating Moody's Credit Rating Downgrade",
                    "desc": "June 2012 – After warning Morgan Stanley in February that its credit rating was up for a three-notch downgrade, Moody’s credit rating agency downgrades the bank by two notches instead.\r\n",
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                  "type": "qa",
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                    "headline": "Fighting for a Fair Credit Rating",
                    "year": 9999,
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                    "desc": "<p><i>When Moody’s Investors Service put Morgan Stanley on review for a three-notch downgrade in its long-term credit rating in February 2012, CEO James Gorman and his team went into battle mode. Celeste Mellet Brown, who was treasurer at the time, reflects on fighting alongside Gorman and then CFO Ruth Porat to have Moody’s give the firm a fair grade.</i></p>\r\n",
                    "date": 9999,
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                    "content": [
                      {
                        "answer": "\"It was hard work. The benefits of wealth management to our profitability weren't apparent yet. They wanted proof that the systems and processes we’d put in place could protect the company. Meanwhile, we relayed to them the peril they would be putting us in if they downgraded us three notches. It would put us in extreme peril, like lighting the match.\"",
                        "question": "Did Moody's seem open to persuasion",
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                      },
                      {
                        "answer": "\"It wasn't until we reported our second quarter earnings that we were able to really see the impact on the business, particularly in fixed income. That was dependent on the perception of our credit quality. We fared so poorly on a relative basis to our peers. I just remember thinking that they haven’t even done it and look at where our revenues are. Look at how the progress we've made can be completely unwound.\"",
                        "question": "Was there a moment that captured the stakes at play",
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                      },
                      {
                        "answer": "\"James and Ruth stayed on it. Every issue Moody’s raised, we went back at them with facts and data and information, not just words. Ruth’s very fond of saying, “the absence of information is filled with dirt.” We were trying to empty the hole of dirt and fill it with good information. James was much more forceful, underscoring the fact that they were the ones who were potentially putting us in peril; that we had righted the ship and that their actions were going to be potentially what pushed us back over. He was fighting for the life of this company.\"",
                        "question": "What convinced them",
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                      },
                      {
                        "answer": "\"I was in Ruth's office when they gave us the news. We were so relieved. There were probably tears. We were so exhausted. And then, from there, we almost immediately started to work on trying to get one notch back.\"",
                        "question": "How did you react when the actual downgrade was two notches",
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                      },
                      {
                        "answer": "\"Whatever doubts he had --- if he had any -- he never showed them. He was going to fight until the end. There were definitely people on the management team who basically were like, we're not going to be able to do this. James believed that we could do it, that we were a changed company. I've learned that true leaders treat the people around them with a massive amount of respect and kindness, even when they're under incredible pressure and stress. That’s what James was like. He didn't snap at people. He was tired, but he acted like we had no worries.\"",
                        "question": "Did James seem worried",
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                      },
                      {
                        "answer": "\"Once we realized that the problems we were dealing with were not existential, we went back to running the business every day, only I think we were much, much stronger. Despite a lot of people leaving before and during the crisis, there was still a huge group of people whose whole lives were devoted to Morgan Stanley. They fought for the firm like they were fighting for their lives.\"",
                        "question": "In retrospect, was this a setback or did it make you stronger",
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                    "headline": "Averting a Potentially Devastating Downgrade From Moody's",
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                    "desc": "In February 2012, as a sovereign debt crisis was hobbling economies across Europe, Moody’s Investors Service announced it might cut the long-term credit ratings of 17 global financial firms.\r\n",
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              "date_start": 9999,
              "title": "event-2013-sustainable-investing",
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              "headline": "Morgan Stanley Establishes Institute for Sustainable Investing",
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                  "type": "intro",
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                    "year": 2013,
                    "headline": "Morgan Stanley Establishes Institute for Sustainable Investing",
                    "eyebrow": "The Morgan Stanley Institute for Sustainable Investing launches with a mission to harness capital and creativity to create sustainable growth.\r\n",
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                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
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                      {
                        "title": "Using Capital and Creativity to Combat Climate Change",
                        "desc": "When Chairman and CEO James Gorman announced the creation of the Morgan Stanley Institute for Sustainable Investing during a speech at Columbia Business School in November 2013, the mission was clear.&nbsp; As he put it, “the most effective solutions to sustainability challenges are those that can be brought to scale.”\r\n"
                      },
                      {
                        "title": "",
                        "desc": "The Institute launched with three areas of focus: opportunities to invest in sustainability-focused financial products and solutions; thought leadership to increase investments and interest in the sector; and partnerships to build capacity and best practices in the field.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "“As the world’s population grows toward nine billion and beyond, meeting the exponentially growing needs for quality education, healthcare, housing and security will far outstrip current models of business, government or philanthropy.” – Audrey Choi, CEO, Institute for Sustainable Investing.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Along with setting a goal of investing $10 billion in total client assets in its first five&nbsp;years – which it easily met – the Institute would develop new products and thematic portfolios while also investing $1 billion in a sustainable communities initiative and establishing an annual Sustainable Investing Fellowship program at Columbia Business School.\r\n"
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            {
              "date_start": 9999,
              "title": "event-2017-multicultural-innovation-lab",
              "menu_label": 2017,
              "headline": "Helping Multicultural and Women Founders",
              "year": 2017,
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                  "type": "intro",
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                    "year": 2017,
                    "headline": "Helping Multicultural and Women Founders",
                    "eyebrow": "Morgan Stanley launches the first Multicultural Innovation Lab, a four-month program for startups led by women and people of color.\r\n",
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                  "type": "backstory",
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                    "headline": "Swipe Through Cards to Learn More",
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                      {
                        "title": "Morgan Stanley Chose 5 Companies to Participate in Its First Multicultural Innovation Lab",
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                      {
                        "title": "",
                        "desc": "AptDeco, which connects buyers and sellers of quality pre-owned furniture via its peer-to-peer online platform, offering a complete end-to-end service including coordinated pick-up and delivery.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "GitLinks, which protects the integrity of open source in application development by using automated software to monitor and oversee security, updates and legal compliance for enterprises.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Kairos, which leverages artificial intelligence to provide integrated facial recognition that enables companies to transform brand experiences, increase discoverability and secure their businesses.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Landit, which provides a two-pronged approach to increase success and engagement of women in the workplace, delivering personalized, application based advice at the individual and enterprise level.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "Trigger Finance, which allows the DIY Investor to set “If-Then” statements that can turn any financial or world event into an action on their portfolio using their proprietary rules-based investing platform.\r\n"
                      }
                    ]
                  },
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                  "type": "story-teaser",
                  "content": {
                    "headline": "Morgan Stanley Vice Chairman Carla A. Harris on the Origins of the Multicultural Innovation Lab",
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            {
              "date_start": 9999,
              "title": "event-2017-mesa-west",
              "menu_label": 2017,
              "headline": "Morgan Stanley Adds Commercial Real Estate Credit Platform Mesa West Capital",
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                  "type": "intro",
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                    "type": "num_right_big",
                    "year": 2017,
                    "headline": "Morgan Stanley Adds Commercial Real Estate Credit Platform Mesa West Capital",
                    "eyebrow": "Morgan Stanley announces the acquisition of Mesa West Capital, one of the first major deals since James Gorman became CEO.\r\n",
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                    "headline": "Swipe Through Cards to Learn More",
                    "eyebrow": "BACK STORY",
                    "order_id": 2,
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                      {
                        "title": "Mesa West: A New Way to Invest in Real Estate",
                        "desc": "Morgan Stanley announced the acquisition of Mesa West Capital in September 2017,  the first major acquisition since James Gorman became CEO. Gorman said that he wanted to build the firm’s growing investment management and wealth management operations.\r\n"
                      },
                      {
                        "title": "",
                        "desc": "A leading commercial real estate portfolio lender, with roughly $5 billion in gross assets under management, Mesa West enabled Morgan Stanley to broaden its investment offerings with real estate credit. As more investors gravitate to index funds and other passive investments, developing alternatives in areas such as real estate and private equity become important.\r\n"
                      },
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                        "title": "",
                        "desc": "On an earnings call, Gorman praised Mesa West as a good example of a business that “mightn't give us scale, but fills out and broadens our platform.” Gorman tells analysts the firm “have a very high bar on M&amp;A,” pursuing only those deals that bring scale to an existing business or complement it with new products or capabilities.\r\n"
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                "headline": "Discount Window Lending",
                "source": "Federal Reserve.",
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                "headline": "TARP Programs",
                "source": "Treasury.gov",
                "source_url": "https://www.treasury.gov/initiatives/financial-stability/TARP-Programs/Pages/default.aspx",
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                "headline": "Morgan Stanley’s CEO Reinforces Firm’s Indonesia Growth Plans",
                "source": "Morganstanley.com. Nov. 17, 2011.",
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                "headline": "Institute for Sustainable Investing",
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                "text": "<p>In February 2012, as a sovereign debt crisis was hobbling economies across Europe, Moody’s Investors Service announced it might cut the long-term credit ratings of 17 global financial firms —with Morgan Stanley under review to drop three notches to Baa2 from A2. Not only would that mean higher funding costs and force the firm to put up as much as $9.6 billion more in collateral to do deals— if those deals could get done at all—it would be a stunning blow in light of the bank’s actions to boost its financial resiliency since the 2008 crisis. CEO James Gorman viewed the potential downgrade as “an existential threat to our firm.” Working with Ruth Porat and Celeste Mellet Brown, Morgan Stanley’s CFO and Treasurer respectively at the time, Gorman set out to change some minds.</p>\r\n<p>Mellet Brown recalls Porat and Gorman taking a two-pronged approach: Porat argued that the rating agency’s assumptions were not up-to-date; Gorman underscored the damage that a downgrade itself could do. “James was emphasizing the fact that they were the ones who were potentially putting us in peril; that we had righted the ship and that their actions were going to be potentially what pushed us back over,&quot; says Brown. “He was fighting for the life of this company.”</p>\r\n",
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                "text": "<p>Many of his colleagues felt the same way. Eric Grossman, who had been named Chief Legal Officer a month before the Moody’s warning, says the threat of a potential downgrade felt like a body blow.</p>\r\n<p>When Moody’s took action in June, it cut Morgan Stanley’s rating by two notches. While still painful, the milder blow immediately sent Morgan Stanley’s stock price up. Gorman recalls getting the news at 1 a.m. in a hotel room in St. Petersburg where he was attending a Russian economic forum.</p>\r\n<p>When Gorman returned to New York, he sat down with Mellet Brown to review the result.  As they reviewed Moody’s reasoning, it was clear to both of them that the facts justified a higher grade.  Gorman launched another push to move the firm’s rating a notch back up. The reasoning wasn’t emotional but factual. “We made the case on facts,” says Mellet Brown. “And eventually we got it back.”</p>\r\n",
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                "text": "<p>In 1962, Morgan Stanley created one of the first computer-modeling technologies for financial analysis. The inspiration came from London’s Rothschild family, who had asked the firm to analyze the economic feasibility of a Canadian hydroelectric plant. Given the complexity of the undertaking, and the volume of financial data to factor in, the partners decided they needed to create a computer model to help analyze the project. A young associate named Richard Fisher was assigned to the task. At the time, Morgan Stanley’s leaders didn’t always hold technical skills in high regard.</p>\r\n<p>Morgan Stanley turned to another client, IBM, for help. Fisher was sent to IBM’s office to learn FORTRAN and COBOL programming languages, which enabled him to work with engineers to create the model. As Fisher recalled when receiving an alumni award from Harvard Business School: &quot;I never thought I'd be learning about computers, but it was great training — and the beginning of the firm's commitment to high-powered analytics.</p>\r\n",
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                "text": "<p>Fisher, who later became president and chairman of the firm, remained an advocate for new technologies throughout his career, leading development of the one of the first trade processing systems (TAPS) in 1984, and one of the first analytical proprietary trading units in 1986.</p>\r\n<p>Morgan Stanley’s longstanding commitment to technology has been an enabler of talent and growth within the firm, according to Jeff Brodsky, who oversees human resources at Morgan Stanley.</p>\r\n<p>&quot;Technology has really enabled us to trade differently, to work with our clients differently, to grow our prime brokerage businesses, to have electronic trading in some of our businesses and to deliver a front end to our clients in wealth management that's user-friendly and thoughtful,” he says.</p>\r\n",
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                "headline": "Richard Fisher, 68, Chairman of Morgan Stanley in 1990's, Dies",
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                "headline": "M&A Titans: The Pioneers Who Shaped Wall Street's Mergers & Acquisitions",
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                "headline": "Richard B. Fisher (MBA '62)",
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                "headline": "Celebrating 85 Years",
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                "headline": "Alumni award to Dick Fisher: Dick Fisher",
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                "headline": "Celebrating 75 years of Morgan Stanley",
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          "headline": "Behind Morgan Stanley’s Multicultural Innovation Lab",
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                "text": "<p>In the summer of 2014, Morgan Stanley Chairman and CEO James P. Gorman asked Carla A. Harris to transform the firm's multicultural client strategy. The vice chairman of global wealth management and senior client advisor was already a leader in diversifying the talent and client mix at the firm, and had served under President Barack Obama as chair of the National Women’s Business Council. What Gorman wanted was to make the firm a leader engaging multicultural clients -- and potential clients -- in a way that was sustainable for the business.&nbsp; As Harris said, &quot;it was one of those few times in your career where you have a blank sheet of paper.&quot;</p>\r\n<p>Her inspiration to form an accelerator program for multicultural entrepreneurs came that same summer when she was asked to be a judge at a gathering in New Orleans called PowerMoves NOLA, which brought together early-stage tech companies founded by people of color. At that event, Harris realized that one of the greatest challenges for entrepreneurs was access to capital at every stage of growth. While the lack of seed funding and venture capital support for women and minority founders had received some attention, few were focused on helping those entrepreneurs scale their networks and their companies. To Harris, it was clearly an area where Morgan Stanley could differentiate from other accelerators and help successful young companies at a critical stage of growth. &quot;A lot of these many of the founders would be looking to get out to the public market or a private exit,&quot; she said.&nbsp; &quot;Who better than us to figure out the steps?&quot;</p>\r\n",
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                "text": "<p>Thus was born the Multicultural Innovation Lab. Launched in the summer of 2017, the accelerator program targets technology-enabled startups that have a woman or multicultural founder, co‐founder or chief technology officer. Harris says her team is also looking for businesses and entrepreneurs who are developing disruptive innovations. For Morgan Stanley, the lab’s mission is to be a catalyst for impactful investment, not a vehicle for philanthropy. In addition to investing capital, Morgan Stanley created a curriculum and connections tailored to each entrepreneur’s needs. The participants also work with Entrepreneur-In-Residence William Crowder and get input from other external partners such as Wilson Sonsini Goodrich &amp; Rosati.</p>\r\n",
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                "text": "<p>With each session, the Lab has honed its mission and expanded its reach . The 3rd cohort in 2019 drew more than 300 applications, of which 10 companies were chosen to take part in a six-month program. Harris noted that the lab is also engaging more talent and using more resources across the firm--a strategy that she credits to vice chairman Tom Nides. “His view was that the more we integrate these companies, the more this thinking can be institutionalized across the firm,” she explained. As a result, entrepreneurs have engaged with Morgan Stanley staff working in operations, human resources, legal, marketing and other areas. “We are building relationships and developing a muscle to source and help early-stage companies led by women and people of color,” said Harris. “Our goal isn’t just to help a few companies. We want to break down the barriers and change the game.”</p>\r\n",
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                "headline": "Flexing Ingenuity to Move the Furniture Market",
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                "headline": "5 Startups Set Up Shop within Morgan Stanley",
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                "headline": "Morgan Stanley Selects 10 Startup Companies for 3rd Cohort of Innovation Lab Targeting Multicultural and Women Founders",
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                "text": "<p>Clint Gartin has been involved in more than $1 trillion of merger and acquisitions activity over his career. While he’s worked with some of the world’s largest companies, the veteran healthcare banker and current chairman of investment banking gets particular pleasure in helping potential game-changers get the money they need to grow.&nbsp;</p>\r\n<p>Juno Therapeutics -- a pioneer in developing cancer therapies that genetically engineer the body’s immune cells to attack malignant ones -- was one such company. Morgan Stanley began working with it several months after its 2013 launch.</p>\r\n<p>“Some financiers, one of whom used to work at Morgan Stanley, came up with some new ideas on how to treat cancer,” Gartin says. “They came to us to help them go public and we assisted with their initial public offering. We did a few follow-ons for them and also helped some of their original venture capitalists sell their positions. And most importantly, we helped Juno fund its research.</p>\r\n<p>Morgan Stanley helped the little-known company go public in December 2014, raising $264 million with shares priced at $24 each, which at the time was the largest IPO for a development-stage biotech company. Three years later, it advised Juno on an acquisition bid from Celgene Corp. Under the terms of the merger, announced in January 2018, Celgene agreed to pay $87 per share in cash, or a total of approximately $11 billion. One year later, Morgan Stanley advised Bristol-Myers Squibb in its $74 billion acquisition of Celgene, the largest healthcare acquisition in history. The acquired company included the portfolio of products that were originally part of Juno Therapeutics.</p>\r\n<p>“Interestingly, we ended up selling Juno to another biotechnology company called Celgene,” Gartin says. “Then in 2019 we helped Bristol-Myers buy Celgene. So in a little chain of events, we took a company public and helped them fund the science. Then another company bought them and continued to help fund the science. And now Bristol-Myers Squibb has bought effectively both of those companies and is continuing the process of developing a new drug.&quot;</p>\r\n<p>The deal between Celgene and Bristol-Myers Squibb was funded in part by a $33.5 billion bridge loan from Morgan Stanley and Mitsubishi UFJ Financial Group [MUFG], one of the hundreds of joint debt financing deals that the two banks have done as a result of their partnership.</p>\r\n<p>“The process of developing the Juno oncology portfolio is still continuing,” Gartin says. “But the prospects look very good, and those products will save lives. The great thing about being associated with that is you're raising capital for a company that is doing something that's really good for society.</p>\r\n",
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                "headline": "\"Morgan Stanley-Celebrating 85 Years.\" Interview with Clint Gartin",
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                "text": "<p>Though the Morgan Stanley Foundation launched in 1961 with an initial contribution of $25,000, the tradition of giving back was in the firm’s DNA from the start. Whether it was Harold Stanley's effort to raise $1.5 million to help children escape the Holocaust in the south of France or Henry Morgan's campaign to help families escape poverty in New York City, creating conditions for the next generation to thrive has long been a core value of Morgan Stanley. As Foundation President Joan Steinberg explains, the goal in starting the Foundation was to formalize and scale the giving already being done.</p>\r\n<p>“The partners themselves were giving to charity,” she says. “But they wanted to have a firm construct and really be able to do it.”</p>\r\n<p>Initially, that meant supporting children’s hospitals, schools, and organizations like the American Red Cross for disaster relief. With the launch of the Morgan Stanley International Foundation in 1994 and initiatives in local offices worldwide, there is now a vast array of initiatives that support healthy starts and solid educations for children worldwide. That’s in addition to the pro bono and volunteer opportunities that nine out of every ten employees take part in, using their skills to give back to their communities.</p>\r\n",
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                "text": "<p>To this day, the main focus of the Foundation is to advance children the critical gift of a good start, from the nutritious food that they need to learn and the places they need to play to life-saving operations at the Morgan Stanley Children’s Hospital in New York and pediatric facilities like London’s Great Ormond Street Hospital and Beijing Children’s Hospital. Steinberg describes the opening of the Morgan Stanley Children’s Hospital in 2003, funded with $60 million from employees, as a watershed moment.</p>\r\n<p>A really critical inflection point from a philanthropy perspective was the building of the Morgan Stanley Children's Hospital,” Steinberg says. “A huge chunk of the dollars raised were given by individuals. It’s allowed employees to have more impact on the things we're choosing because they're such a big part of the delivery.”</p>\r\n<p>Along with being a cornerstone in Morgan Stanley’s Global Alliance for Children’s Health, the hospital is a magnet for employees in the New York area who host an annual carnival, organize fundraising drives and volunteer throughout the facility. For former White House Chief of Staff Erskine Bowles, who started his career at Morgan Stanley and retired in 2018 as chairman of its board, that kind of commitment is typical of what he’s seen at offices worldwide.</p>\r\n",
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              "content": {
                "headline": "United States Holocaust Memorial Museum: 2020",
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              "content": {
                "headline": "Morgan Stanley: Celebrating 85 Years",
                "source": "The Documentary Group. March 2, 2020.",
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          "headline": "Putting Customers First: How Morgan Stanley won the UPS IPO",
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                "text": "<p>The run up to Morgan Stanley’s $5.47 billion public offering of United Parcel Service of America Inc. in 1999 began with a simple visit by the firm’s former vice chairman, James A. Runde, three years prior. Runde, who led the global transportation group at Morgan Stanley Dean Witter, was invited to Atlanta to meet UPS’ chief financial officer, Robert J. Clanin. According to an account in The Wall Street Journal, Clanin made one request of Runde: “Just don’t talk about an IPO.”</p>\r\n<p>A former naval officer who joined Morgan Stanley in 1984, Runde had spent years learning about UPS and earning the trust of its leadership. As a result, UPS Chairman and Chief Executive James P. Kelly turned to Runde for advice when the company sought to go public. As Runde later recounted in a book marking the firm’s 75th anniversary: “The CEO looked me in the eye and said, ‘Just tell me that you’re going to do this successfully, and that it’s not going to change the culture of UPS.’ And he trusted me enough that when I said yes, he said, ‘Okay, we’re going to do it.’ That’s all he wanted to know.”</p>\r\n",
                "order_id": 1
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                "text": "<p>The deep relationship between Runde and UPS led the delivery giant to select Morgan Stanley to lead its IPO. The firm’s role as lead underwriter drew attention not only for the size of the deal but also because Morgan Stanley hadn’t previously done any major financing work for UPS. As Wall Street Journal reporter Douglas A. Blackmon put it: “Morgan Stanley's triumph demonstrates how pluck, personality and good timing can pay off.”</p>\r\n<p>On November 10, 1999, UPS debuted on the New York Stock Exchange, issuing 109.4 million shares valued at $5.47 billion or $50 a share. The stock rose 35% on its first day in what was at the time the largest IPO ever. For his part, Runde credits mentors like former Morgan Stanley chairmen Parker Gilbert and Robert Baldwin with instilling in him a strong ethic of putting clients first. “I paid very close attention as I was coming up through the firm,” Runde said. “As Yogi Berra said, ‘You can observe a lot by just watching.’&quot;</p>\r\n",
                "order_id": 3
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                "headline": "Celebrating 75 years of Morgan Stanley",
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              "content": {
                "headline": "Unequaled: Tips for Building a Successful Career through Emotional Intelligence",
                "source": "Runde, James A. New York, Wiley, 2016.",
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              "content": {
                "headline": "UPS soars past record IPO",
                "source": "CNN Money. November 10, 1999.",
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              "content": {
                "headline": "United Parcel Service Shares Surge 35% in Record IPO",
                "source": "The Wall Street Journal. November 11, 1999.",
                "source_url": "https://www.wsj.com/articles/SB942252285493867796"
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              "type": "sourcecredit",
              "content": {
                "headline": "Celebrating 75 years of Morgan Stanley",
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Coach, Mentor, Senior Advisor, and Now Author Jim Runde",
                "source": "MorganStanleyAlumni.com. May 17, 2008.",
                "source_url": "https://www.morganstanleyalumni.com/s/1651/index.aspx?sid=1651&gid=1&pgid=252&cid=2705&ecid=2705&crid=0&calpgid=385&calcid=1055"
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              "content": {
                "headline": "Coach, Mentor, Senior Advisor, and Now Author Jim Runde",
                "source": "MorganStanleyAlumni.com. May 17, 2008.",
                "source_url": "https://www.morganstanleyalumni.com/s/1651/index.aspx?sid=1651&gid=1&pgid=252&cid=2705&ecid=2705&crid=0&calpgid=385&calcid=1055"
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              "content": {
                "headline": "How Morgan Stanley Managed To Capture the IPO of Big Brown",
                "source": "The Wall Street Journal. November 10, 1999.",
                "source_url": "https://www.wsj.com/articles/SB942184218464556147"
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          "type": "storyname",
          "menu_label": "story-1995-internet-report",
          "headline": "Morgan Stanley Internet Report Gives Investors Early Insight Into Silicon Valley",
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                "text": "<p><i>Wired Magazine</i> dubbed her “the Nostradamus of technology,” while <i>Barron’s </i>anointed her “Queen of the Net.” If strategist Barton Biggs helped to make Morgan Stanley the go-to place for the smartest thinking on emerging markets, Mary Meeker did the same in establishing the firm’s expertise on dot-com stocks and the Internet. As the firm’s tech analyst, it was her job to find out what was happening in Silicon Valley, but it was her curiosity and determination to do exhaustive research on the dot-com innovators that made her report become a seminal work.</p>\r\n",
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              "type": "bodytext",
              "content": {
                "text": "<p>When “The Internet Report” was released in late 1995, it immediately changed the game. While the Morgan Stanley-led IPO of Netscape a few months earlier had sparked interest among investors, Meeker’s report with fellow analyst Chris DePuy gave investors insight into how these nascent trends were likely to play out. At a time when most workers didn’t even have e-mail, Meeker was predicting it was the “killer app” of today, with Search being the killer app of tomorrow.</p>\r\n",
                "order_id": 3
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                "text": "<p>Meeker would go on to make a number of prescient calls on companies like Amazon, Apple, eBay and Google. She told reporters that her real epiphanies came from using the products of companies she covered. Once she bought a pre-owned Nissan Xterra on eBay, for example, she understood the power of that platform. Even in the ones she missed, the most glaring being the depth of the dot-com crash, Meeker wasn’t all wrong. Had investors heeded her call to hold on to Amazon through 2000, they would have done well.<br>\r\n</p>\r\n",
                "order_id": 5
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "The Indomitable Mary Meeker ",
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              "content": {
                "headline": "The Internet Report",
                "source": "slideshare.net. February 1996.",
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          "headline": "Power Banker: Through Bubbles and Regulation, Utilities Wanted Harold Stanley",
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                "text": "<p>Although Thomas Edison invented the lightbulb in 1879, and opened a commercial electric power plant on Manhattan’s Pearl Street three years later, only 35% of American households had electricity in 1920. By the end of the twenties, that percentage had almost doubled to 68% as utilities expanded both the reach and affordability of electric power. What made that growth possible was investor capital that enabled utilities to finance state-of-the-art generators, power lines and other costs.</p>\r\n<p>Harold Stanley played an important role in helping utilities find the capital to fund sustainable growth. Early in his career, Stanley recognized the opportunities created by the growing demand for electricity. At the same time, he was alert to the risks of fueling a bubble if bankers allowed greed to get ahead of common sense. In the October 18, 1920, issue of <i>The Financial World</i>, editors praised Stanley for a speech at the tenth annual convention of the Investment Bankers Association of America in which he stressed that investment houses “must not offer securities on an investment basis that are pure speculations.” If those who purchased securities were not as well-served as those who issued them, he argued, the reputation of institutions arranging such deals would suffer.</p>\r\n",
                "order_id": 1
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                "text": "<p>When Stanley co-founded Morgan Stanley 15 years later, his utility industry expertise and reputation for integrity helped the new firm get off to a running start. Within a week of opening its doors, Morgan Stanley debuted with a $19.17 million bond offering for the Michigan-based Consumers Power Company. <i>The New York Times</i> noted that the new bank had eliminated the usual practice of issuing preliminary prospectuses three days prior to the offering, which would &quot;place small retail distributers of securities upon a basis of equal opportunity with larger houses.&quot; Instead, everyone got details of the deal at the same time.</p>\r\n",
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              "content": {
                "text": "<p>In its first year, Morgan Stanley handled $1.1 billion in public offerings and private placements, many for clients such as the Dayton Power and Light Company, Ohio Edison Company, and New York and Queens Electric Light and Power Company. While the firm’s initial client list also included telephone companies, corporations, railroads and governments, it was especially strong with utilities because of Stanley’s reputation.</p>\r\n",
                "order_id": 4
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              "type": "bodytext",
              "content": {
                "text": "<p>The reputation of the utilities sector itself took a hit, though, amid consolidation and a dramatic drop in stock prices. To curb too much concentration of power, The Public Utility Holding Company Act of 1935 tightened the reach and financing options of utilities while giving the Securities and Exchange Commission the authority to regulate and even break up companies. Six years later, as part of a broader push to increase competition, the SEC moved to have public utilities issue securities by public sealed bidding. While the sector became a smaller proportion of revenues as Morgan Stanley expanded into new areas of business and serving new types of clients, the firm's expertise in utilities would remain a core strength for generations to come.</p>\r\n",
                "order_id": 5
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Pearl Street Station: The Dawn of Commercial Electric Power",
                "source": "The IEEE History Center @ Rutgers University.",
                "source_url": "http://ieee-virtual-museum.org/collection/event.php?id=3456876"
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              "type": "sourcecredit",
              "content": {
                "headline": "The U.S. Economy in the 1920s",
                "source": "Economic History Association. Figure 17. Dwellings with Electricity, 1920 to 1930.",
                "source_url": "http://eh.net/?s=American+homes+with+electricity+in+1920"
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              "content": {
                "headline": "FIRST OFFER TODAY BY MORGAN STANLEY",
                "source": "The New York Times. September 23, 1935.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1935/09/23/93488935.html?pageNumber=27"
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              "type": "sourcecredit",
              "content": {
                "headline": "Lighting a Revolution",
                "source": " Smithsonian Museum of National History.",
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              "type": "sourcecredit",
              "content": {
                "headline": "Financial World",
                "source": "Financial World. Volume 34, Issues 1-20, October 18 1920, p. 741.",
                "source_url": "https://books.google.ae/books?id=uUE_AQAAMAAJ&pg=PA741&lpg=PA741&dq=utility+financing+1920s+harold+stanley&source=bl&ots=cHDoBdySAq&sig=ACfU3U0Y5KEfFkK6N_uzcKTpliSffd4clQ&hl=en&sa=X&redir_esc=y#v=onepage&q=utility%20financing%201920s%20harold%20stanley&f=false"
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              "content": {
                "headline": "Proceedings of the Tenth Annual Convention of the Investment Bankers Association of America",
                "source": "Chicago Lakeside Press. Fenton, Frederick R. pp. 309, 311, 315, 289.  ",
                "source_url": "https://books.google.com/books?id=75DPAAAAMAAJ&dq=harold+stanley+investment+bankers+association+1920&source=gbs_navlinks_s"
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          "headline": "The Founding of Morgan Stanley ",
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                "text": "<p>At 4 p.m. on the afternoon of September 5, 1935, a small crowd of reporters filed past a row of rolltop desks in the long, narrow partners’ room at J.P. Morgan’s headquarters on 23 Wall Street to await one of the firm’s rare announcements. There, standing in front of a fireplace beneath a portrait of founder J. Pierpont Morgan, stood partners Thomas Lamont, George Whitney and Harold Stanley. Lamont read the announcement:</p>\r\n<p><i>“A group of partners and staff members of J.P. Morgan &amp; Co. of New York and Drexel &amp; Co. of Philadelphia, formerly active in the securities business of the firms, have withdrawn and are founding a new organization for the underwriting and wholesaling of investment securities, to be known as Morgan Stanley &amp; Co. Inc.”</i></p>\r\n<p>The news media welcomed the announcement as a hopeful sign that moribund investment markets might finally recover, giving American companies the resources they needed to grow. Stock in rival First Boston Corp. dropped $4 per share on the announcement. Business leaders took notice. When Morgan Stanley &amp; Co. opened its doors on September 16, 1935, some 200 vases of flowers lined the new office at 2 Wall Street - gifts from friends and rivals alike.</p>\r\n<p>While President Harold Stanley couldn’t stop the stream of flowers, telegraph boys and well-wishers, he tried to keep the celebrations to a minimum. There was no formal ceremony or celebration. The office opened “as if it were just the beginning of another week in any old-established firm,” <i>The New York Times</i> reported. When Stanley arrived at 9:31 a.m., he good-naturedly declined to say anything for publication. Like his colleagues, he simply hung up his hat and took his place at one of the 18 roll-top desks lined up in two rows in a room overlooking the spire of old Trinity Church.</p>\r\n",
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                "text": "<p>Along with co-founders Henry S. Morgan and Harold R. Stanley, the firm launched with a staff of 13 and four other officers: William Ewing, Perry E. Hall, Edward H. York, Jr. and John M. Young. One week after its launch, Morgan Stanley made its debut in the bond market with a $19 million offering for Consumers Power Company. In their first three and a half months, the partners raised $200 million for their clients. By the end of 1936, Morgan Stanley had underwritten more than $1 billion in new offerings, capturing one-quarter of the market.</p>\r\n",
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              "type": "sourcecredit",
              "content": {
                "headline": "Celebrating 75 years of Morgan Stanley",
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                "headline": "Morgan Stanley & Co. Launched at 2 Wall St., Taking Over Underwriting of Morgan & Co.",
                "source": "The New York Times, Times Machine. September 17, 1935.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1935/09/17/93486987.html?pageNumber=33"
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              "content": {
                "headline": "THREE QUIT J.P. MORGAN.; H.S. Morgan, Stanley and Ewing to Start New Firm Monday",
                "source": "New York Times, Sept. 14, 1935.",
                "source_url": "https://www.nytimes.com/1935/09/14/archives/three-quit-jp-morgan-hs-morgan-stanley-and-ewing-to-start-new-firm.html"
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          "headline": "Henry Morgan and Harold Stanley Establish a Focus on Values",
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                "text": "<p>The creation of Morgan Stanley brought together two leaders with different styles and strengths: Henry Morgan and Harold Stanley. As the 34-year-old grandson of John Pierpont Morgan Sr., Henry Morgan signaled the cultural ties to J.P. Morgan &amp; Co. Harold Stanley, meanwhile, had already built an impressive reputation on Wall Street as an expert in utility finance who had built and led the securities business at Guaranty Trust Company before being invited to join the Morgan partnership as head of investment banking. Flush with capital and contacts, the new firm was poised to punch above its weight from the start.</p>\r\n",
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                "text": "<p>As the new firm's treasurer, Morgan focused on bringing in top talent and clients while upholding the culture and standards behind the family name. He was able to act, in his words, “as a moderator and team captain” among a group of strong, talented partners.</p>\r\n",
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                "text": "<p>Morgan also strove to avoid the spotlight, having watched prosecutor Ferdinand Pecora publicly grill his father, J.P. Morgan Jr., in public hearings of the U.S. Senate’s Committee on Banking and Currency while probing the cause of the 1929 stock market crash. When Morgan Stanley first opened for business, Morgan was on a cruise ship back from England. He was quite happy to have Stanley, 15 years his senior, be the face and voice of the firm, as well as the partner in charge of day-to-day operations.<br>\r\n</p>\r\n<p>As the head of investment banking at J.P. Morgan &amp; Co., Stanley was used to being in a leadership role. He had been a high achiever since his days at Yale, where he was captain of the hockey team and led several clubs. He was known for his statesmanlike character: Judge Harold Medina would later rule in favor of the investment bank in a landmark antitrust case, paying tribute to “the absolute integrity of Harold Stanley.”</p>\r\n",
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                "text": "<p>Although they had different personalities and distinct roles in the firm, the two men were united in their belief that strong values would be the foundation of Morgan Stanley's success. Emphasizing teamwork and putting customers first, the firm's founders fostered a culture that continues to this day.</p>\r\n",
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          "headline": "The Paperwork Crisis: How Back-Office Pileups Transformed Trading on Wall Street",
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              "content": {
                "text": "<p>The paperwork began to pile up in the mid-1960s. As investors became more enthusiastic about buying and selling shares, the firms charged with settling those trades couldn’t keep up. Every transaction meant a physical stock certificate had to travel from one set of hands to another, often under tight security as they were as valuable -- and as vulnerable -- as cash. During this period, the Securities and Exchange Commission estimated that a brokerage firm used about 33 different documents to execute and record a single securities transaction.</p>\r\n<p>By 1967, the average daily volume of the New York Stock Exchange hit a record 10 million shares, up from a previous record of 7.5 million shares a year earlier. Reports circulated of back offices with paper piled floor to ceiling; of stock certificates vanishing or showing up late in the wrong accounts; and of trades that were simply cancelled or lost amid the chaos. Some clerks worked seven-day weeks as firms created third shifts to process trades around the clock. In August, the NYSE Board of Governors shortened trading hours by 90 minutes a day for nine consecutive sessions to help member firms clear their backlogs. It barely made a dent. In the latter half of 1968, the NYSE shut down every Wednesday as average volume rose to almost 15 million shares a day. As author William D. Cohan noted, “There was this huge mountain of paper that built up and these firms couldn't process it.”</p>\r\n",
                "order_id": 2
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              "content": {
                "text": "<p>Instead of being a cause for celebration, the surge in trading volume had exposed the flaws of an outdated system, accelerating a push to automate paperwork and modernize the infrastructure of Wall Street firms. That would require major investments in talent and technology, which many partnerships did, only to be hit by a market downturn in 1969.</p>\r\n<p>In a 1971 report to Congress, the NYSE noted that it lost 129 member organizations through liquidation or mergers in 1969 and 1970. The NYSE also instituted new capital requirements and enacted measures to weed out weaker members. As NYSE President Robert Haack stated in the Exchange’s 1971 Annual Report: “The day of the casually managed brokerage firm is over.”</p>\r\n<p>For Robert Baldwin and Frank Petito, who were pushing to transform Morgan Stanley to compete in a new era, that message was already taken to heart.</p>\r\n",
                "order_id": null
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              "content": {
                "headline": "Crisis in the Securities Industry",
                "source": "New York Stock Exchange, Statement Prepared for the Subcommittee on Commerce and Finance. August 1971 [PDF].",
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              "content": {
                "headline": "The Remaking of Wall Street",
                "source": "Harvard Business Review. October 2, 2000.",
                "source_url": "https://hbswk.hbs.edu/archive/the-remaking-of-wall-street-1967-to-1971"
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              "content": {
                "headline": "The U.S. view of the role of regulation in market efficiency",
                "source": "Securities and Exchange Commission, Bergmann, Larry E., Speech. February 10, 2004.",
                "source_url": "https://sec.gov/news/speech/spch021004leb.htm"
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              "type": "sourcecredit",
              "content": {
                "headline": "Brokerage Houses Fear a Back-Office Logjam if the Pace of Trading Surges",
                "source": "The New York Times. September 24, 1967.",
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          "headline": "How Global In-House Centers Became Engines of Innovation",
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                "text": "<p>The first center opened in <b>Glasgow</b> in 2000, staffed with six people working on settlements for institutional clients. With plenty of affordable office space and a deep pool of local talent, the Scottish city was an ideal alternative to London's tight labor market and high real estate costs. Today, the Glasgow office has about 1,600 employees who provide services from research and data analytics to trade settlements and risk management for offices in London, Europe and beyond. Meanwhile, it's now one of nine Global-In House Centers, or GICs, that collaborate to serve businesses around the world.</p>\r\n<p>Along with creating new hubs for talent, many of the GICs have become engines of innovation in mission-critical functions. With experts working on the frontlines of machine learning/artificial intelligence, cybersecurity, data analytics and more, these centers have become critical partners in transforming Morgan Stanley for the digital era. They deliver competitive advantages and capabilities that have become increasingly important to the firm's success.</p>\r\n",
                "order_id": 1
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                "text": "<p>The critical factor in choosing where to locate each center is the talent. The diverse skill set in <b>Budapest</b>, for example, boasts a rich mathematical history, producing numerous legends like Paul Erdős, Alfréd Rényi and John von Neumann. In Spring 2006, Morgan Stanley established the Mathematical Modeling Centre in the Hungarian capital to provide quantitative analysis to the firm’s fixed income trading business. A few months later, it opened the Business Services and Technology Centre there to support functions from data analytics to audits worldwide. Today, Morgan Stanley Budapest has close to 2,000 employees and has gained widespread recognition as a top employer and an industry leader, as well as a sponsor of the Global Chess Festival.</p>\r\n",
                "order_id": 3
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                "text": "<p>All of the global centers are located in cities with strong academic institutions and a highly skilled workforce. <b>Baltimore</b>, which opened in 2001, beat out 67 other cities in a 14-month process for that reason.</p>\r\n<p>The firm opened three other North American locations in 2008: <b>Columbus</b>, Ohio, with 52 college and university campuses in the region; <b>South Jordan</b>, Utah, a business-friendly state with 11 major institutions producing graduates in software and IT-related fields; and <b>Montreal</b>, home to world-leading research in artificial intelligence, data analytics and machine learning. <b>Shanghai’s</b> vast cumulation of talent and innovation ecosystem made it a natural fit for the GIC that opened in 2007 to handle technology, operations, finance and risk management functions for other offices.</p>\r\n",
                "order_id": 4
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              "content": {
                "text": "<p>India is home to one of the oldest GICs, which opened in <b>Mumbai</b> in 2003, and the newest center that opened in <b>Bengalaru</b> in 2014. Along with its deep and growing pool of talent, India sits in a time zone that enables its offices to work on tasks for Europe and North America when local teams have gone to bed.</p>\r\n<p>With the speed and complexity of financial services, having highly skilled colleagues available at all hours gives everyone at Morgan Stanley a competitive edge. The firm’s GICs continue to grow and evolve in their size, complexity and importance to Morgan Stanley.</p>\r\n",
                "order_id": 5
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              "content": {
                "headline": "\"The Man Who Loved Only Numbers: The Story of Paul Erdös and the Search for Mathematical Truth\"",
                "source": "Paul Hoffman. Hachette. 1998.",
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                "headline": "Internal Sources",
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              "content": {
                "headline": "Alfréd Rényi",
                "source": "St. Andrews. JJ O'Connor and EF Robertson. 2008.",
                "source_url": "http://mathshistory.st-andrews.ac.uk/Biographies/Renyi.html"
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              "type": "sourcecredit",
              "content": {
                "headline": "\"My Brain is Open: The Mathematical Journeys of Paul Erdös.\"",
                "source": "Bruce Schechter. Simon & Schuster. 2000.",
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          "headline": "A September 11 Hero: Morgan Stanley’s Rick Rescorla Saved Lives",
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                "text": "<p>Rick Rescorla anticipated an attack like the 1993 bombing of the World Trade Center, right down to the explosive charge in the garage and the part of the world the mastermind would be from. The Twin Towers were the tallest buildings in the city, located on Wall Street, a locus of power and commerce, an emblem of American economic might—and an obvious target. In the years to follow, as terrorists grew more sophisticated, the head of security at Morgan Stanley Dean Witter’s downtown offices began to plan for the possibility of an airborne attack, one involving perhaps cargo planes carrying chemical or biological weapons.</p>\r\n<p>Rescorla established an evacuation plan for the 22 floors occupied by Morgan Stanley employees—keeping to two abreast in the stairwell, allowing for a lane of access for first responders, upper floors first—and drilled those under his protection twice a year. The rehearsals provoked the odd complaint. Surely, some said, they didn’t have to be so frequent. But on the day of September 11, 2001, Rescorla’s drills paid off. Despite Port Authority instructions to keep his people at their desks after a plane hit the north tower, Rescorla issued the order to evacuate before the second plane hit; 2,687 lives were saved. He was back in the south tower sweeping for stragglers when it gave way. Phil Purcell, who was CEO at the time, has no doubt that Rescorla’s contingency planning averted a much bigger disaster.</p>\r\n",
                "order_id": 1
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                "text": "<p>Morgan Stanley was the largest tenant in the World Trade Center on that day, with almost 2,700 employees in the south tower. Another 1,000 employees worked at 5 World Trade Center, which was also reduced to rubble. Of the 2,606 people who lost their lives in and around the World Trade Center that day, 13 worked at Morgan Stanley. Rick Rescorla was among them. For his efforts which helped saved thousands of lives on that day, Rescorla would be posthumously honored with the Presidential Citizens Medal, the nation's second-highest civilian award.</p>\r\n",
                "order_id": 3
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                "text": "<p>The pain and scale of loss on September 11 still haunts many to this day. Because the firm had planned so meticulously for such an attack to occur, though, it also became a symbol of resiliency. By 9:30 a.m. that day, a backup site was activated and senior management was working in a new command facility. By mid-morning, a call center for Discover credit card in Phoenix had been converted to an emergency hotline, handling thousands of calls.</p>\r\n",
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              "content": {
                "headline": "Leadership on 9/11: Morgan Stanley's Challenge",
                "source": "Harvard Business School. By Catherine Walsh, Dec. 17, 2001.",
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              "content": {
                "headline": "The Real Heroes Are Dead",
                "source": "The New Yorker. By James B. Stewart, February 3, 2002. ",
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              "content": {
                "headline": "By-the-Numbers Operation at Morgan Stanley Finds Its Human Side",
                "source": "The New York Times. By Seth Schiesel and Riva D. Atlas, Sept. 16, 2001.",
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          "headline": "A New Frontier: Morgan Stanley Japan",
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                "text": "<p>For the first decade and a half after Morgan Stanley opened a Tokyo office in 1970, the bank was a niche player in the market, focused mainly on advisory work.</p>\r\n<p>Richard A. Debs, who left the Federal Reserve Bank of New York to become the founding president of Morgan Stanley International in 1976, describes the initial presence as more of a representative office than a revenue center. Even so, Debs says that early commitment enabled Morgan Stanley to build relationships, credibility and a base of knowledge that would prove to be invaluable as opportunities in Japan grew.</p>\r\n<p>The person who opened the Tokyo office in 1970 and built those early relationships was David S. Phillips. Born in Japan as Satoshi Sugiyama, he had moved to the U.S. at 14, shortly after World War II, at the invitation of John Phillips, a family friend and then educational director for the United States Air Force in the Far East. Philips offered to adopt the young man to give him the right to live and study as a minor in the U.S. Sugiyama changed his name to David Phillips and went on to graduate from the University of California at Berkeley. He eventually moved back to Japan in 1964 with Morgan Guaranty, later moving to Morgan Stanley to open its Tokyo office. Phillips’ knowledge of finance and ability to bridge both cultures were important in those early days. &quot;The crucial thing is to have the trust and respect of both sides,&quot; Phillips told <i>New York Times</i> reporter Steve Lohr in 1982.</p>\r\n",
                "order_id": 2
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                "text": "<p>As Japan became a larger industrial force and global investor in the 1980s, Morgan Stanley's business there expanded. In 1985, the firm became one of the first foreign investment banks to join the Tokyo Stock Exchange. To Jonathan Kindred, the former CEO of Morgan Stanley Japan, that marked a turning point where the firm began to invest much more heavily in developing the talent and expertise to compete in the domestic market. &quot;That was really the beginning of a significant transformation in the organization,&quot; Kindred says.</p>\r\n<p>Indeed, in the 50 years since it opened a Tokyo office with one banker and an assistant, Morgan Stanley has become one of the largest and most active foreign financial firms in Japan.</p>\r\n",
                "order_id": 4
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "MORGAN STANLEY'S MAN IN TOKYO",
                "source": "The New York Times, Times Machine. May 30, 1982.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1982/05/30/173295.html?pageNumber=155"
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              "content": {
                "headline": "Celebrating 75 years of Morgan Stanley",
                "source": "Morgan Stanley. September 2010 p. 34.",
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              "content": {
                "headline": "Group Head Retires at Morgan Stanley",
                "source": "The New York Times. April 16, 1987.",
                "source_url": "https://www.nytimes.com/1987/04/16/business/business-people-group-head-retires-at-morgan-stanley.html"
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          "headline": "Perry Hall – Leading Morgan Stanley in a Booming Economy",
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                "text": "<p>Perry Hall loved to compete. As a young man, he qualified for the national amateur championships in both tennis and golf. He competed as a fisherman well into his nineties. He was a daunting force in fundraising for numerous causes throughout his life, from war bond drives to Dwight D. Eisenhower’s 1952 Presidential campaign to dozens of charities to his alma mater, Princeton. That drive shaped how Hall led Morgan Stanley as its Managing Partner from 1951 to 1961. The consummate salesman, he proved to be masterful at winning clients and keeping them by helping them prosper during the post-war boom.</p>\r\n",
                "order_id": 1
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              "content": {
                "text": "<p>The foundation for every transaction was trust and a track record of sound judgment, Hall believed. “If you are going to stay in business,&quot; he said, &quot;you have to roll with the punches. But that doesn’t change the principles underlying the business you do.”</p>\r\n<p>One principle was that the firm and everyone who worked in it must look and act like a professional. For a young Lewis Bernard, who started at Morgan Stanley in 1963, that meant being barred from a client meeting by Hall for not wearing a hat.</p>\r\n<p>Years later, it was Bernard’s turn to ask the then retired Hall why he was sword-fishing in a three-piece suit. “Hall said, 'Look, I bought these suits years ago. They're still good. Why wouldn't I wear them?'&quot;</p>\r\n<p>Described by <i>The New York Times</i> as &quot;One of the most energetic and colorful Wall Street figures of his era,&quot; Hall believed the Morgan Stanley name stood for a level of quality and integrity that was tough for rivals to replicate.</p>\r\n",
                "order_id": 2
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "HIGHWAYS OF FINANCE: A Messenger",
                "source": "The New York TImes. January 7, 1951.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1951/01/07/87091677.html?pageNumber=111"
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              "content": {
                "headline": "Perry E. Hall, Founding Partner Of Morgan Stanley, Is Dead at 96",
                "source": "The New York Times, Times Machine. July 18, 1992.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1992/07/18/890692.html?pageNumber=12"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "A Reporter At Large: The Adventure",
                "source": "The New Yorker. April 23, 1955.",
                "source_url": "https://archives.newyorker.com/newyorker/1955-04-23/flipbook/120/"
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          "type": "storyname",
          "menu_label": "story-1995-cicc",
          "headline": "An Enduring Relationship with China",
          "eyebrow": "",
          "crc": "3002392",
          "aemName": "story-1995",
          "episode-name": "surviving-the-crisis",
          "timelineEventId": "",
          "timelineEraId": "era-4",
          "timeline-era-name": "LEADING THE TECH REVOLUTION",
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                "text": "<p>Morgan Stanley took an early lead in China building businesses and partnerships that would prove to be strategically important years later. Throughout the 1990s, the then president John Mack “traveled to China more than anybody else in the major investment banks. He was there early and he was there often; he made the commitment,” said Stephan F. Newhouse, who was president of Morgan Stanley from 2003 to 2005 and chaired the firm’s international business from 2000 to 2004.&nbsp; Morgan Stanley’s commitment to China has included partnering in joint ventures from securities to fund management, building a local presence in areas like commercial banking and private equity, and creating multiple opportunities for clients worldwide to invest in China’s growth.</p>\r\n<p>Although Morgan Stanley opened its first office in China in 1993, the relationship began much earlier. When Richard Debs left the New York Fed to run Morgan Stanley International in 1976, the country was still led by Mao Zedong, the Communist Party revolutionary who established the People’s Republic of China in 1949. One of Deb’s first tasks was an “informal” visit to China with Frank Petito, who was then chairman, David Phillips, then head of Morgan Stanley’s Tokyo office, and their respective spouses. “We met a lot of people off-the-record,” Debs recalls. “We made the beginning of relationships.”</p>\r\n<p>From that early start grew a deep commitment to build the leading financial services firm in China and leverage Morgan Stanley’s strengths to help develop the market. In 1992, Jack Wadsworth approached The People’s Construction Bank of China in his capacity as Asia Pacific chairman with a proposal to establish a domestic investment bank.</p>\r\n",
                "order_id": 1
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                "text": "<p>“China had no capital market,” Wadsworth says. “We decided that since we couldn't open an office of any size or importance in China, nor could we start a business, we would do a joint venture. We had only one objective: To be the first foreign firm to own 100 percent of a seat on the Shanghai Stock Exchange someday.”</p>\r\n<p>John Mack supported the idea, agreeing to commit Morgan Stanley’s capital and expertise to the venture. With challenges ranging from a shifting regulatory landscape to limited liquidity, China was not an easy market for banking in the mid-1990s. Like Wadsworth, though, Mack believed that creating a vibrant capital market was critical to the country’s growth.</p>\r\n<p>“To Jack’s credit, he kept pounding the table and saying, ‘We need to be there!’” Mack says.</p>\r\n<p>In August of 1995, the two banks launched China International Capital Corporation (CICC) in Beijing. Morgan Stanley owned 35% of the new venture while the People’s Construction Bank owned 42.5%, with the remaining ownership divided among three shareholders: China National Investment and Guarantee Corporation, the Singapore Government, and Hong Kong’s Mingly Corporation.</p>\r\n<p>Morgan Stanley China’s CEO Wei Christianson, who joined the firm in 1998, says the ripple effect of the CICC joint venture can still be felt today. “Morgan Stanley has played a very important role, and a visible role, in China,” he says. “Over the past 25 years, we have underwritten about 100 IPOs. And over that, we have a raised $338 billion from the IPO market. In addition, we raised over $200 billion from the debt market. Also, our advisory work for the cross-border M&amp;A created the volume business of $540 billion. So just from debt and equity, we have helped China raise $560 billion dollars. And interestingly, during that past 25 years, China has raised 600 million people out of poverty. So in a way we helped to build companies that helped improve most of these people’s lives. We really build a world class franchise there, and won a lot of respect.”</p>\r\n",
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              "content": {
                "headline": "Morgan Stanley at 85 2020 Documentary",
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              "content": {
                "headline": "Morgan Stanley Establishes A Joint Venture in China",
                "source": "The New York Times. August 12, 1995, Section 1, Page 34.",
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          "headline": "The Spin-Off of Discover",
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                "text": "<p>When John Mack met with Phil Purcell in Deer Valley, Utah, in late 1996, he wasn’t seeking the Utah native’s advice on mastering the slopes. Mack, who describes himself as a “terrible skier,” was excited by what he’d seen at Dean Witter, Discover &amp; Company, where Purcell was chief executive. One thing that particularly intrigued him: the diversification offered by the Discover credit card business.</p>\r\n",
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              "content": {
                "text": "<p>When John Mack met with Philip Purcell in Deer Valley, Utah, in late 1996, he wasn’t seeking the Utah native’s advice on mastering the slopes. Mack, who describes himself as a “terrible skier,” was excited by what he’d seen at Dean Witter, Discover &amp; Company, where Purcell was chief executive. One thing that particularly intrigued him: the diversification offered by the Discover credit card business.</p>\r\n<p>After the two companies merged in 1997, that diversification ultimately proved to be a distraction from the core business, and in 2007, Morgan Stanley spun off its Discover Card business - at that time the nation’s fourth-largest card issuer - to focus on investment banking and trading.</p>\r\n<p>Launched in 1985 by Dean Witter Financial Services Group, Inc., a subsidiary of Sears Roebuck and Co., the Discover Card made its marketing debut with a television commercial in Super Bowl XX.</p>\r\n<p>Although Discover was truly innovative - it was the first major credit card to offer a cash-back bonus and require no annual fee - the business had struggled to grow. But a 2004 Supreme Court ruling spurred greater competition in the industry, enabling Discover to grow its network of relationships with financial institutions and merchants. Following that decision, Discover acquired the PULSE debit network, adding relationships with more than 4,000 financial institutions and over one million merchants.</p>\r\n<p>While highly profitable, growth remained sluggish relative to its peers, and some Wall Street analysts viewed Discover as underpriced relative to the entire company, suggesting a spin-off would allow it to earn a higher value. Morgan Stanley viewed the credit card unit as having too few synergies with the firm's other businesses, prompting the decision to divest. Purcell, who helped create the Discover card while running Dean Witter, had advocated for a spin-off to unleash the business’s value prior to his departure as CEO of Morgan Stanley in 2005. Even so, he maintains that Discover was good for the firm’s overall bottom line.</p>\r\n<p>Discover Financial Services began trading in June 2007 under the ticker symbol DFS. All of the shares were distributed to Morgan Stanley’s common stock shareholders, with one Discover share issued for every two Morgan Stanley shares held. In a letter to shareholders prior to the spin-off, CEO John Mack noted that the deal would not only “enhance stockholder value” but also enhance “the competitive positions of the two companies, increasing Discover’s ability to attract and retain employees and improving Discover’s ability to pursue strategic transactions.”</p>\r\n",
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Credit card reward programs: a short history",
                "source": "creditcards.com. November 14, 2006.",
                "source_url": "https://www.creditcards.com/credit-card-news/reward-programs-a-short-history-1277.php"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Discover card commercial",
                "source": "YouTube",
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              "content": {
                "headline": "Press release",
                "source": "Morgan Stanley.",
                "source_url": "https://www.morganstanley.com/press-releases/morgan-stanley-to-pursue-spin-off-of-discover-financial-services_3664 ‘"
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              "type": "sourcecredit",
              "content": {
                "headline": "John J. Mack Letter",
                "source": "sec.gov. June 1, 2007.",
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              "content": {
                "headline": "Discover spinoff details disclosed",
                "source": "Chicago Tribune. March 24, 2007.",
                "source_url": "http://www.chicagotribune.com/news/ct-xpm-2007-03-24-0703240196-story.html"
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          "headline": "Medina Trial Restores Faith in Wall Street",
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                "text": "<p>The United States v. Morgan (1953), an antitrust suit filed by the Justice Department against Morgan Stanley and 16 other Wall Street firms, was known as the “Investment Bankers Case.” The charge: that the industry's system of bidding was tantamount to illegal price-fixing under the 1890 Sherman Act. The court spent 309 days in session and read 105,000 pages of material, according to Federal Judge Harold R. Medina, the sitting judge.</p>\r\n<p>He didn't buy the government's argument. In October of 1953, six years after the suit was filed, Medina dismissed it.</p>\r\n",
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                "text": "<p>In a landmark 424-page decision that many now regard as a textbook study on investment banking, Medina not only exonerated the banks but also paid tribute to Morgan Stanley and its leadership. As the judge noted in his ruling, &quot;even government counsel asserted that Morgan Stanley had 'more business than they could they could handle,' and there is much in this record to show that their strong competitive position was due to the experience, the very numerous personal relations with issuers, the technical skill in matters of finance, and especially the absolute integrity of Harold Stanley, the head of the firm.&quot;</p>\r\n",
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                "text": "<p>Historian Richard Sylla says the Medina decision did much to repair the reputation of investment banks, which many lawmakers had blamed for the 1929 crash and for years of hardship that followed. The 1953 decision presented the public with evidence of an industry built on trust and professionalism in helping clients meet their funding needs.</p>\r\n<p><i style=\"font-size: 0.8125rem;\">&quot;When Judge Medina ruled in favor of the investment banks,&quot; Sylla says, &quot;that was a great sigh of relief. From then on, the investment bankers were not scarred with the stigma of the 1930s, and the government was unable to say they were anti-competitive.&quot;</i></p>\r\n<p>As historian and author Susie J. Pak notes, it helped that Harold Stanley and his peers didn't seem to be hiding anything. “The bankers came in and said we do business this way for this reason,” she says.</p>\r\n<p>For the next twenty years, every recruit to Morgan Stanley was given a copy of the Medina decision. One of those recruits was Lewis Bernard, who joined the firm in 1963 and went on to become its youngest partner 10 years later. Among other things, Bernard says, the report gave him “enormous insight in to the '40s and '50s at the organization and the firm.” More important, he says, it reinforced the values of integrity and putting clients first that Stanley had clearly conveyed in his testimony.</p>\r\n",
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                "headline": "United States v. Morgan, 118 F. Supp. 621 (S.D.N.Y. 1953)",
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          "headline": "The Lessons of the 1997 Asian Financial Crisis",
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                "text": "<p>They were known as tigers: the emerging economies of Asia that roared throughout most of the 1990s, buoyed by young populations, growing wealth and the fruits of globalization. International investors poured money into the stock markets, factories and property markets of Thailand, Indonesia, South Korea, Malaysia and the Philippines.</p>\r\n<p>Those countries borrowed U.S. dollars to expand and grow, keeping their currencies at levels that made them both attractive and stable. On July 2, 1997, Thai authorities abandoned their currency’s peg to the dollar, allowing the baht to drift lower. That move triggered what became known as the Asian Financial Crisis.</p>\r\n<p>In effect, investors did the emerging market equivalent of a run on the banks. Thailand’s depreciation sparked a wave of panic that saw investors put pressure on the Indonesian rupiah, Malaysian ringgit, and the Philippine peso. All of them would lose more than a third of their value in the months to follow, while the baht dropped by 60%. Even relatively stable markets like Hong Kong felt the impact.</p>\r\n<p>Stephen Roach was chief economist of Morgan Stanley when the 1997 Asian Financial Crisis unfolded. In 2010, as chairman of Morgan Stanley Asia, he reflected on how the lessons learned from that crisis proved to be valuable when another crisis hit in 2008. Roach wrote that these emerging economies were vulnerable to “the vicissitudes of international capital flows.” As Roach put it: “Lacking in foreign exchange reserves, overly exposed to short-term external debt and with rigid currency pegs, the region stood little chance when the hot money started to flee.”</p>\r\n",
                "order_id": 1
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                "text": "<p>To Roach, it was clear that these hard-hit economies absorbed the tough lessons of the crisis and made changes that left them better able to handle later shocks like the 2008 crisis. They emerged with more foreign reserves, more transparency, more active management of overheated markets, and less dependence on the U.S. market. While such moves couldn’t stop future crises, they gave investors more comfort to stay invested for the long term.</p>\r\n",
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              "content": {
                "headline": "Recovery from the Asian Crisis and the role of the IMF",
                "source": "International Monetary Fund. June 2000.",
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                "headline": "Lessons from Thailand",
                "source": "Federal Reserve Bank of San Francisco. By Ramon Morero, FRBSF Economic Letter, November 7 1997.",
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              "content": {
                "headline": "The New Lesson for Resilient Asia",
                "source": "Financial Times. By Stephen Roach. June 8, 2010.",
                "source_url": "https://www.ft.com/content/6db3b66a-733c-11df-ae73-00144feabdc0"
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          "headline": "Morgan Stanley Becomes a Bank Holding Company",
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                "text": "<p>On September 21, 2008, Morgan Stanley announced that the U.S. Federal Reserve Board of Governors had approved its application to become a bank holding company. With that change in status, the firm was able to take deposits and access funding through the Federal Reserve Bank Discount Window. The transformation was prompted by the global credit crisis that followed Lehman Brothers’ bankruptcy on September 15.</p>\r\n<p>Although Morgan Stanley was still profitable, its exposure to mortgage-backed securities amid an escalating global crisis had eroded confidence among investors, who sent the stock down 30% on the first day of trading after Lehman’s collapse. John J. Mack, then chairman and chief executive officer, later told students at The Wharton School of the University of Pennsylvania that the firm had $181 billion in cash to absorb possible losses. Within a week, it was almost gone. Securing capital to maintain liquidity was critical to Morgan Stanley’s survival.</p>\r\n",
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                "text": "<p>Along with expanding the firm’s opportunities to secure funding, becoming a bank holding company would enable Morgan Stanley to expand the retail banking services it offered to retail clients and build a more stable base of core deposits. As part of the process, the firm converted its Utah industrial bank to a national bank. It had more than 3 million retail accounts and $36 billion in bank deposits prior to the change in status.</p>\r\n<p>As Mack explained, &quot;this new bank holding structure will ensure that Morgan Stanley is in the strongest possible position - with the stability and flexibility to seize opportunities in the rapidly changing financial marketplace. It also offers the marketplace certainty about the strength of our financial position and our access to funding.&quot;</p>\r\n",
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              "content": {
                "headline": "Inside the Bunker: CEO John Mack on Saving Morgan Stanley",
                "source": "Knowledge@Wharton. October 14, 2009.",
                "source_url": "https://knowledge.wharton.upenn.edu/article/inside-the-bunker-ceo-john-mack-on-saving-morgan-stanley/"
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              "content": {
                "headline": "Morgan Stanley Granted Federal Bank Holding Company Status By U.S. Federal Reserve Board of Governors",
                "source": "Morgan Stanley Press Release. September 21, 2008.",
                "source_url": "https://www.morganstanley.com/press-releases/morgan-stanley-granted-federal-bank-holding-company-status-by-us-federal-reserve-board-of-governors_6933"
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              "content": {
                "headline": "As Goldman and Morgan Shift, a Wall St. Era Ends",
                "source": "The New York Times. SEPTEMBER 21, 2008.",
                "source_url": "https://dealbook.nytimes.com/2008/09/21/goldman-morgan-to-become-bank-holding-companies/"
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              "content": {
                "headline": "Goldman, Morgan Stanley to become Holding Firms",
                "source": "National Public Radio. September 22, 2008.",
                "source_url": "https://www.npr.org/templates/story/story.php?storyId=94877512"
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              "content": {
                "headline": "Morgan Stanley Capital Management LLC Morgan Stanley Domestic Holdings, Inc. New York, New York Order Approving Formation of Bank Holding Companies and Notice to Engage in Certain Nonbanking Activities",
                "source": "Federal Reserve. September, 22, 2008.",
                "source_url": "https://www.federalreserve.gov/orders20080922a2.pdf"
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          "headline": "Morgan Stanley Makes a Bold Move with Smith Barney Joint Venture",
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                "text": "<p>Within weeks of securing capital to get Morgan Stanley through the 2008 financial crisis, the firm’s co-president James Gorman and CEO John Mack decided to make a big move on wealth management. They reached out to Citigroup CEO Vikram Pandit with a bold proposal: Morgan Stanley wanted to form a majority-owned joint venture with Citi’s Smith Barney unit with the goal of ultimately taking over the whole business. For Citigroup, the deal would mean more capital and a likely boost in earnings. For Morgan Stanley, it was a chance to expand its retail brokerage operation to create one of the world’s largest wealth management franchises. Both banks agreed that Morgan Stanley would pay $2.7 billion for a 51% stake in the new venture, which was announced in January 2009.</p>\r\n<p>Gorman, who was named chairman of the new Morgan Stanley Smith Barney venture, said in a press call that the venture was not a reaction to current events. &quot;If you defined strategy based on the near future, you wouldn't build 10,000, 20,000, 30,000-people organizations,” he said, according to The Wall Street Journal. “These things come back. People don't stop investing over the long haul.&quot;</p>\r\n<p>When the deal closed in June 2009, the combined entity was one of the nation's largest brokerages, with more than 18,500 Financial Advisors and $1.5 trillion in client assets. Along with Morgan Stanley’s Global Wealth Management business platform, the venture included Citigroup’s U.S. Smith Barney operations, Quilter in the U.K. and Smith Barney Australia.</p>\r\n<p>A critical prerequisite for the deal: Morgan Stanley’s option to increase its share in the venture over time with the goal of assuming full ownership. In June of 2013, Morgan Stanley received regulatory approval to buy the remaining stake in the venture, giving it full ownership. Gorman, who had become chairman and chief executive officer, called it “a historic day for Morgan Stanley.”</p>\r\n",
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              "type": "sourcecredit",
              "content": {
                "headline": "How Morgan Stanley Got Its Mojo Back",
                "source": "The Wall Street Journal. May 3, 2018.",
                "source_url": "https://www.wsj.com/articles/how-morgan-stanley-got-its-mojo-back-1525359327?mod=article_inline&adobe_mc=MCMID%3D33961164308567490564615846372445205462%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1582241997"
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              "content": {
                "headline": "Morgan Stanley Receives Final Regulatory Approvals to Purchase Remaining 35 Percent Interest in MSSB Wealth Management Joint Venture, Fulfilling Key Strategic Priority",
                "source": "Morgan Stanley. June 21, 2013.",
                "source_url": "https://www.morganstanley.com/press-releases/morgan-stanley-receives-final-regulatory-approvals-to-purchase-remaining-35-interest-in-mssb-wealth-management-joint-venture-fulfilling-key-strategic-priority_8f65faa5-339d-4fb0-94bb-857ed3d4cfbc/"
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              "type": "sourcecredit",
              "content": {
                "headline": "A Handy Guide to Citigroup’s Deal with Morgan Stanley",
                "source": "The Wall Street Journal. January 13, 2009.",
                "source_url": "https://blogs.wsj.com/deals/2009/01/13/live-blogging-the-morgan-stanley-smith-barney-press-call/"
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              "type": "sourcecredit",
              "content": {
                "headline": "Celebrating 75 years of Morgan Stanley",
                "source": "Morgan Stanley. p. 77. September 2010.",
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              "content": {
                "headline": "Annual Letter to Shareholders",
                "source": "Morgan Stanley. 2019.",
                "source_url": "https://www.morganstanley.com/about-us-ir/annual-reports"
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              "content": {
                "headline": "The deal that made Morgan Stanley’s James Gorman",
                "source": "Euromoney. July 16, 2015.",
                "source_url": "https://www.euromoney.com/article/b12kmwnxfmff60/the-deal-that-made-morgan-stanleys-james-gorman"
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                "headline": "Morgan Stanley and Citi To Form Industry-Leading Wealth Management Business Through Joint Venture",
                "source": "Morgan Stanley. September 25, 2012.",
                "source_url": "https://www.morganstanley.com/press-releases/morgan-stanley-smith-barney-is-now-morgan-stanley-wealth-management_7a78aa1d-036a-4fbf-9df7-1e73387a1c8a"
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              "content": {
                "headline": "Morgan Stanley Smith Barney Is New Industry-Leading Franchise With Over 18,500 Financial Advisors",
                "source": "SEC. June 1, 2009.",
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          "headline": "Morgan Stanley Children's Hospital Is Pediatric Medicine Innovator",
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          "episode-name": "surviving-the-crisis",
          "timelineEventId": "event-2003",
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          "timeline-era-name": "LEADING THE TECH REVOLUTION",
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                "text": "<p>To understand the spirit of the Morgan Stanley Children’s Hospital, start in a brownstone on the corner of 55th Street and Lexington Avenue in Manhattan in 1887. That’s where two sisters — Drs. Sarah and Julia McNutt — established the Babies Hospital with the help of three women on the board of the New York Infirmary. The city’s first hospital for children, served by women resident physicians, was an innovator in the field of pediatrics. It established some of the country’s first pediatric subspecialties, identifying shaken baby syndrome and numerous other conditions. It also established a sweat test for cystic fibrosis, creating the Apgar score to measure newborn health and performing the first pediatric heart transplant. For Morgan Stanley— committed to helping children from its inception — partnering with the hospital was a natural fit.</p>\r\n<p>More than a century after the hospital's founding, Morgan Stanley stepped up to create a state-of-the-art facility, which opened in Harlem in 2003. Half the $120 million needed came from individual Morgan Stanley employees, with corporate philanthropy making up the rest. With that support, the Morgan Stanley Children's Hospital of New York-Presbyterian set a new gold standard in the treatment of children and their families. For example, the 382-square-foot patient rooms give children space to display their art and parents a place to work and sleep. The hospital also includes family lounges and classrooms where patients can continue their education. As Harrison Luoma noted in the August 2004 issue of Healthcare Design magazine, “This extraordinary facility gives tangible form to the principle of family-centered care.”</p>\r\n<p>Support for the hospital from the firm and its employees continues on many fronts. Through the Morgan Stanley Ambassador Program, a third-year analyst puts in a year of service at the hospital to improve efficiencies and reduce costs. Other employees, too, donate their time or services to help with a range of functions. And the firm puts together an annual carnival to raise money and entertain the children and their families. As with similar children’s hospitals in London and Beijing, the impact goes both ways. Foundation President Joan Steinberg calls it a &quot;critical inflection point&quot; in the firm's philanthropy.</p>\r\n",
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              "content": {
                "headline": "Morgan Stanley Press Release",
                "source": "Morgan Stanley.",
                "source_url": "https://www.morganstanley.com/about-us/giving-back/hospital-newyork"
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              "type": "sourcecredit",
              "content": {
                "headline": "New York Presbyterian Press Release",
                "source": "nyp.org. Nov 12, 2003.",
                "source_url": "https://www.nyp.org/news/NYC-Opens-One-of-the-Largest-Childrens-Hospitals-in-the-Country"
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              "type": "sourcecredit",
              "content": {
                "headline": "The Babies Hospital",
                "source": "New York Medical Journal, Volume 50. D. Appleton & Company, New York, 1889.",
                "source_url": "https://books.google.com/books?id=FDICAAAAYAAJ&pg=PA608&lpg=PA608&dq=sarah+julia+mcnutt&source=bl&ots=N7sckkDUR9&sig=ACfU3U0iY8LvGS-YNjo9H0xAml1fJpnYaw&hl=en&sa=X&ved=2ahUKEwjtrKi3vcvnAhVGmuAKHe8SB50Q6AEwEHoECAkQAQ#v=onepage&q=sarah%20julia%20mcnutt&f=false"
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              "content": {
                "headline": "Morgan Stanley Children's Hospital of NewYork-Presbyterian",
                "source": "Healthcare Design. August 31, 2004.",
                "source_url": "https://www.healthcaredesignmagazine.com/architecture/morgan-stanley-childrens-hospital-newyork-presbyterian-new-york-ny/"
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          "headline": "Bretton Woods: Prosperity Pegged to the U.S. Dollar",
          "eyebrow": "",
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                "text": "<p>In July of 1944, with the D-Day invasion of Normandy behind them and victory within sight, delegates from 44 Allied countries gathered in Bretton Woods, New Hampshire, to create a monetary system that could promote peace and economic prosperity in the post-war world. They wanted to avoid a repeat of the disastrous Treaty of Versailles after World War I, which had devastated Germany’s war-battered economy by forcing it to pay billions in reparations. U.S. President Herbert Hoover even blamed post-war policies for contributing to the Great Depression.</p>\r\n<p>At Bretton Woods, also known as the United Nations Monetary and Financial Conference, the Allies created two institutions that became pillars of the modern financial system: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), later renamed the World Bank. The IMF helped countries maintain exchange-rate stability, the World Bank aided them in rebuilding their economies through loans or guarantees—a role that prompted the latter to forge a partnership with Morgan Stanley that remains to this day.</p>\r\n<p>Richard A. Debs, the founding president of Morgan Stanley International, was also a founding member of the Bretton Woods Committee and chair of its international council. As Debs wrote in a 2019 essay to mark the 75th anniversary of the Bretton Woods Conference: &quot;History has proven that a nationalistic, isolationist, protectionist approach to dealing with other countries of the world can lead, and has often led, to instability, conflict and wars.&quot;</p>\r\n<p> </p>\r\n",
                "order_id": 1
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "70 Years Connecting Capital Markets to Development",
                "source": "World Bank.",
                "source_url": "https://treasury.worldbank.org/en/about/unit/treasury/impact/70-years-connecting-capital-markets-to-development"
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              "type": "sourcecredit",
              "content": {
                "headline": "Honoring 75 Years: Forging the Future of Bretton Woods",
                "source": "The Bretton Woods Committee. Apr 19, 2019.",
                "source_url": "https://www.brettonwoods.org/article/2019-annual-meeting-honoring-75-years-forging-the-future-of-bretton-woods"
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              "type": "sourcecredit",
              "content": {
                "headline": "\"Bretton Woods at 75: Has the system reached its limits\"?",
                "source": "DW.Com. By Richard Debs, July 22, 2019.",
                "source_url": "https://www.dw.com/en/bretton-woods-at-75-has-the-system-reached-its-limits/a-49687599"
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          "headline": "Helping the World Bank Raise Capital for Reconstruction",
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                "text": "<p>Conceived in the final months of World War II, the International Bank for Reconstruction and Development, otherwise known as the World Bank, was created primarily to guarantee loans to help war-torn countries secure funding in the commercial market. The U.S. put in the initial $571.5 million in capital, with the rest &quot;on call&quot; from the other 44 Allied powers that sent delegates to the Bretton Woods Conference in New Hampshire with the goal of creating a more sustainable monetary world order. With investors still navigating the new terrain of postwar Europe and scarred by the loan defaults of the 1930s, though, it soon became apparent that the World Bank would need to raise private capital and issue many of those loans itself. It also needed to assure war-weary investors that their money would be safe.</p>\r\n",
                "order_id": 1
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              "type": "video",
              "content": {
                "headline": "A View Into Post-War Europe",
                "eyebrow": 9999,
                "photo": "ms85-missing-image.jpg",
                "typeClass": "vid-large",
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              "content": {
                "text": "<p>As the only country with a well-functioning capital market immediately after the war, the United States was clearly the place to look.&nbsp; Winning over skeptical investors with an untested business model and no experience in capital markets would be no easy task.&nbsp; For John McCloy, a New York lawyer and former U.S. Assistant Secretary of War who became the World Bank President in early 1947, working with Morgan Stanley was the obvious answer.</p>\r\n<p>Morgan Stanley partners immediately agreed to manage a bond offering, delighted to use their expertise to help investors rebuild Europe. The initial loan was set for $250 million to a French public corporation, Crédit National. That was half what the French government had requested, but World Bank officials said they could make further loans as necessary and wanted to be certain initial investors were rewarded for their efforts.</p>\r\n<p>By June 1947, Morgan Stanley had put together a $250 million bond issue with a $100 million 10-year tranche at 2.5% and a $150 million 25-year tranche at 3%. Together with First Boston, a predecessor of Credit Suisse, Morgan Stanley organized syndicates of underwriters and put on road shows in 18 cities to attract investors.</p>\r\n<p>The inaugural issue ended up being six times over-subscribed and immediately began trading at a premium, according to the World Bank’s 1948 annual report. The New York Times praised officials for gauging “their offering terms with shrewd precision,” adding that the “judgment and high efficiency displayed in the transaction have gained immense prestige for the World Bank.” It was to be the first of many collaborations. From currency swaps to green bonds and beyond, partnering with the World Bank has enabled Morgan Stanley to work on the front lines in the effort to eliminate poverty and inequality.</p>\r\n",
                "order_id": 3
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "70 Years of Connecting Capital to Markets",
                "source": "International Bank for Reconstruction and Development / The World Bank. 2018.",
                "source_url": "http://pubdocs.worldbank.org/en/905031541023749461/70-years-connecting-capital-markets-to-development.pdf"
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              "type": "sourcecredit",
              "content": {
                "headline": "WORLD BANK PLANS OCTOBER FINANCING; First Boston-Morgan Stanley Group Is Being Set Up to Market $60,000,000 Issue",
                "source": "The New York Times. September 26, 1952.",
                "source_url": "https://www.nytimes.com/1952/09/26/archives/world-bank-plans-october-financing-first-bostonmorgan-stanley-group.html"
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          "headline": "Wall Street in Crisis: The 1929 Stock Market Crash",
          "eyebrow": "",
          "crc": "2963233",
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          "timelineEventId": "event-19292",
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          "photoBlurred": "ms85-1929_crash_story_blur.jpg",
          "photo": "ms85-1929_crash_storyhero_1x.jpg",
          "photo_alt_text": "The Crash Event",
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              "type": "bodytext",
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                "text": "<p>The 1929 stock market crash shook the foundations of finance. From October 24 to October 29, the Dow Jones Industrial Average lost more than a quarter of its value, while investors in the New York Stock Exchange saw their stock holdings shrink by over $25 billion.</p>\r\n<p>Several factors contributed to the crash. With a six-fold increase in the Dow Jones Industrial Average during the 1920s, it seemed stocks had nowhere to go but up. Investors took out loans to buy shares for as little as 10% down, enabling them to make bigger stakes than they could afford. But there were signs of trouble: The Federal Reserve started to raise interest rates to curb speculation; inventories piled up as businesses produced more goods than people could consume; and a series of droughts hit the struggling farm sector.</p>\r\n",
                "order_id": 1
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                "text": "<p>Bankers were especially vulnerable, having financed up to 90% of the purchase price on some 300 million stocks in the summer of 1929. More than a quarter of the loans outstanding across the nation was money issued to buy stock, leaving banks on the hook for billions of dollars. Broker loans rose even as stock prices began to fall. Those loans became uncollectible when investors couldn’t meet their margin calls.</p>\r\n",
                "order_id": 3
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              "type": "linkedcontent",
              "content": {
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                "order_id": 4
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              "type": "bodytext",
              "content": {
                "text": "<p>While the 1929 crash was followed by what's now called the Great Depression, it was not the only cause of worldwide economic depression that lasted for much of the 1930s. Academics now point to a number of factors, from mistakes by policymakers to the impact of drought. For politicians, one clear target was the banking industry, especially after a series of bank runs and weak lending policies resulted in thousands of bank failures. Their response was to create the Glass-Steagall Act, which led to the creation of Morgan Stanley and reshaped finance for generations to come.</p>\r\n",
                "order_id": 5
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Stock Market Crash of 1929",
                "source": "Federal Reserve History. Nov. 2013.",
                "source_url": "https://www.federalreservehistory.org/essays/stock_market_crash_of_1929"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Federal Deposit Insurance Corporation. Historical Timeline.",
                "source": "FDIC.gov",
                "source_url": "https://www.fdic.gov/about/history/timeline/1920s.html"
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              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Stock Market Crash of 1929",
                "source": "Britannica.com",
                "source_url": "https://www.britannica.com/event/stock-market-crash-of-1929"
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          "type": "storyname",
          "menu_label": "story-1984-primer",
          "headline": "Hedge Fund Is Key to Launch of Morgan Stanley Prime Brokerage",
          "eyebrow": "",
          "crc": "3232246",
          "aemName": "story-1984b",
          "episode-name": "new-horizons-with-new-challenges",
          "timelineEventId": "event-1984c",
          "timelineEraId": "era-3",
          "timeline-era-name": "A NEW MODEL FOR GROWTH",
          "photoType": "basic",
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              "content": {
                "text": "<p>From the start, Morgan Stanley’s prime brokerage business was a marriage of technology and client service. In the early 1980s, Tiger Management’s Julian H. Robertson, Jr. called Morgan Stanley Chairman Robert Baldwin with a simple request: Could the firm serve as prime broker for his recently launched hedge fund, which was already generating returns of more than 20% even as the S&amp;P 500 had declined? While other banks could help him finance and manage his trading operations, Morgan Stanley didn’t yet offer that service. As Lewis W. Bernard recalls, he and former colleague Anson M. Beard, Jr. learned that was about to change.</p>\r\n<p>Along with having earned Robertson’s trust, Morgan Stanley had another unique asset that would prove to be valuable to the other hedge fund managers: its new automated Trade Analysis and Processing System (TAPS), which enabled vastly more trades with greater accuracy. Beard and Bernard integrated TAPS into Morgan Stanley’s prime brokerage business, which launched in 1984. Robertson has said Morgan Stanley “sort of fathered us along” as a critical partner, helping him to build one of the most successful hedge funds in history, with a 25% annualized return over its 20-year life.</p>\r\n",
                "order_id": 1
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              "type": "linkedcontent",
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              "type": "bodytext",
              "content": {
                "text": "<p>Morgan Stanley’s prime brokerage business has since built on that foundation of cutting-edge technology and a close partnership with clients. In 1998, the equity division made a distinct investment to build out its electronic trading capabilities. This bold, forward-looking decision yielded the firm’s first set of algorithmic trading tools.</p>\r\n<p>In 1999, these trading tools were made directly available to clients, which led to the emergence of our MSET (Morgan Stanley Electronic Trading) business line. The seamless linkage between Prime Brokerage and MSET quickly became a significant differentiator for our clients. As Morgan Stanley veteran Richard Portogallo noted: “To this day, if you ask a client what distinguishes the prime brokerage business at Morgan Stanley, many will say technology.”</p>\r\n<p>What drives that technology, though, is a focus on listening to and anticipating customer needs. In 1997, Morgan Stanley prime brokerage pioneered the capital introductions concept to effectively connect clients with target investors, a business that has since become a market leader in fund launches, capital raises, industry intelligence, and industry events. It has expanded into more complex and customized products and financing, as well as fund administration services that handle operations, analytics, and other services for a clients aggregated assets.</p>\r\n<p>&nbsp;</p>\r\n<p>That mindset has helped the prime brokerage business remain what CFO Jonathan Pruzan described in a 2019 earnings call as “the center of the machine.” Added Pruzan: “We’ve got a really nice mix of both people and intellectual capital and technology.” Together, that’s kept Morgan Stanley and its prime brokerage clients ahead of the curve.</p>\r\n",
                "order_id": 3
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          ],
          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Who Wants to Be a Billionaire?",
                "source": "Institutional Investor magazine, By Hal Lux, June 2002.",
                "source_url": "https://www.institutionalinvestor.com/article/b151357cb68f51/who-wants-to-be-a-billionaire"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Morgan Stanley 3rd Quarter Earnings Call, Oct. 2019",
                "source": "seekingalpha.com. Oct. 2019.",
                "source_url": "https://seekingalpha.com/article/4297086-morgan-stanley-ms-ceo-james-gorman-on-q3-2019-results-earnings-call-transcript"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Tiger Hedge Funds Become Wall Street Prey",
                "source": "The Wall Street Journal. February, 7 2017.",
                "source_url": "https://www.wsj.com/articles/tiger-hedge-funds-become-wall-street-prey-1486377002"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2017 Update",
                "source": "Seeking Alpha. March 2018.",
                "source_url": "https://seekingalpha.com/article/4152346-tracking-chase-colemans-tiger-global-portfolio-q4-2017-update"
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          "type": "storyname",
          "menu_label": "story-1940-stanley-philanthropy",
          "headline": "Creating a Foundation for Helping Children – and Giving Back",
          "eyebrow": "",
          "crc": "2944380",
          "aemName": "story-1940",
          "episode-name": "a-bank-built-on-integrity",
          "timelineEventId": "event-1940",
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                "text": "<p>When Congress failed to vote on a set of bills that proposed admitting 20,000 refugee children from the German Reich in 1939, private efforts were needed to address the crisis. First Lady Eleanor Roosevelt convened what became The United States Committee for the Care of European Children (USCOM) in June 1940, and Morgan Stanley President Harold Stanley volunteered to lead a fundraising campaign in New York. While Morgan Stanley's leaders all stepped up to serve when the U.S. entered the war, helping to nurture a culture of giving back, Stanley's efforts laid the foundation for the firm's ongoing commitment to helping children worldwide be safe and healthy.</p>\r\n",
                "order_id": 1
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              "type": "callout",
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                "headline": "",
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                "typeClass": "image-center",
                "date": 9999,
                "photo": "ms85-1940_stanleyphilanthropy_story_insert.jpg",
                "order_id": 2
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              "type": "bodytext",
              "content": {
                "text": "<p>The U.S. Committee's mission would prove to be an expensive one. Leveraging America’s then neutral stance to operate as a relief agency in Vichy France, the Committee had to secure visas and other paperwork for the children, and then help them travel through a network of agencies in Spain and Portugal to get a passenger ship from Lisbon to the U.S., where they would be placed with foster families. Stanley’s efforts raised $1.5 million, or almost $28 million in today’s money, to help cover the costs of the rescue mission. His efforts helped hundreds of Jewish children and other young refugees escape the Holocaust and other horrors of the war.</p>\r\n",
                "order_id": 3
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              "type": "bodytext",
              "content": {
                "text": "<p>That commitment to helping children would continue through the Morgan Stanley Foundation, started in 1961, and the Morgan Stanley International Foundation, which was created in 1994. Joan Steinberg, Morgan Stanley's Global Head of Community Affairs and President of the Morgan Stanley Foundation, notes that the focus has evolved to investing in children's nutrition, wellness and play as the fundamentals to a healthy start in life. As Steinberg put it, Stanley “set the standard for what giving back was going to look like at the firm.”</p>\r\n",
                "order_id": 4
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            {
              "type": "sourcecredit",
              "content": {
                "source": "The New York Times, Times Machine. May 15, 1963.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1935/09/17/93486987.html?pageNumber=33"
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              "type": "sourcecredit",
              "content": {
                "headline": "Why Children Are Our Priority",
                "source": "Morgan Stanley. December 20, 2018.",
                "source_url": "https://www.morganstanley.com/articles/morgan-stanley-foundation-children-joan-steinberg"
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          "headline": "How TAPS Helped Morgan Stanley Become a Technology Leader on Wall Street",
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                "text": "<p>When Morgan Stanley analyst Betsy Graseck wrote in 2018 that &quot;pressure is mounting for banks to innovate and disrupt themselves fast, before someone else eats their lunch,&quot; she captured a philosophy that has defined the firm for decades.</p>\r\n<p>Morgan Stanley has long looked to technology as a key differentiator against competitors on Wall Street. Former President and Chairman Richard Fisher came to that realization soon after he joined the firm as a young &quot;statistician&quot; (as associates were known) in 1962. He was assigned to create one of the first computerized model for financial analysis. Fisher later described the experience as &quot;great training and the beginning of the firm's commitment to high-powered analytics.&quot;</p>\r\n",
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                "text": "<p>It's perhaps no surprise then that one of Morgan Stanley's most transformative technologies was developed when Fisher became President of the firm in 1984. The Trade Analysis and Processing System, or TAPS, would prove to be a game-changer for Morgan Stanley and the industry. As one of the first multi-currency, multi-instrument trading system that could manage everything from executing and clearing orders to reporting and calculating margin requirements, TAPS enabled traders to manage a more complex and larger volume of trades with a greater degree of accuracy.</p>\r\n",
                "order_id": 4
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              "content": {
                "headline": "Believing in the Power of Data",
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                  {
                    "answer": "Lewis Bernard: “There was huge discontent within the firm because this system, which was essential to the development of our securities business, was way over budget and way behind schedule. I was asked to take a look at TAPS with this remarkable guy, Bob Feduniak. We looked at it and came to the conclusion that we should not throw it out. It was going to change our business. I went back to my colleagues in the management committee and that's what I reported.  Now, I wasn’t a techie, but what I saw were applications in which TAPS could help us develop a huge amount of data that would have value. It was through TAPS that we were able to get into the prime brokerage business, the correspondent clearing business and the custody business.",
                    "question": "Why did the TAPS project almost get shelved?",
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                "text": "<p>By automating paperwork and integrating the front and back office systems of trading, the new technology gave users more centralized control of their data and allowed the firm to serve as broker for a new type of client: the hedge fund manager. Julian Robertson, who had started the hedge fund Tiger Management a few years earlier with $8 million in capital, needed all the tools he could get to pursue the global macro trading strategy that would eventually see him managing more than $22 billion by the late 1990s.</p>\r\n<p>With TAPS, Morgan Stanley was able to create prime brokerage services for Robertson and other hedge fund clients that allowed them to execute complex trading strategies across a variety of financial instruments. As Robertson said in 2001, “Morgan Stanley has sort of fathered us along and took us from being nothing to perhaps their largest prime brokerage client.”</p>\r\n<p>Indeed, the sophistication and reliability of TAPS prompted Morgan Stanley to launch one of the first analytical proprietary trading units in 1986. Robert P. Rooney, Morgan Stanley's head of technology, operations and firm resilience, notes that TAPS eventually became a core technology for rivals. While that might sound counter-intuitive, distributing technology to others is one way to disrupt yourself.</p>\r\n<p>“We sold it to EDS and it became the foundational system for at least a few of our competitors,” he says. “And today it's in the Smithsonian as a testament to the cutting-edge technology that it was back in the ‘80s.”</p>\r\n",
                "order_id": 6
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Morgan Stanley at 85 2020 Documentary",
                "source": "Morgan Stanley.",
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Banks Must Innovate with Technology or Risk Getting Left Behind: Morgan Stanley",
                "source": "TheStreet.com, By Jacob Sonenshine. September 18, 2018..",
                "source_url": "https://www.thestreet.com/markets/banks-must-innovate-with-technology-or-risk-getting-left-behind-morgan-stanley-14716223"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Wall Street's Cutbacks Sidestep Fat Budgets for High-Tech Trading",
                "source": "Kurt Eichenwald, April 7, 1991.",
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          "headline": "Partnership: Morgan Stanley Reorganizes for Growth",
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                "text": "<p>Without the ability to incorporate and issue shares in 1935, Morgan Stanley might not have come to life.&nbsp; While Henry Morgan and William Ewing had bought $400,000 of shares in the new investment bank they helped to create, $6.6 million of Morgan Stanley’s initial $7 million in capital came from nine partners at J.P. Morgan &amp; Co.&nbsp; Six years later, though, Morgan Stanley’s corporate structure was holding the firm back. As president Harold Stanley told <i>The New York Times</i> in November of 1941:&nbsp; “We think that we can be more effective as a partnership than as a corporation because the former type of organization opens up several avenues of activity that have been closed to us as a corporation.”</p>\r\n<p>Simply put, the world had changed. Wall Street firms faced growing regulation in response to antitrust concerns and public anger over the role of banks in the Great Depression. For Morgan Stanley, that meant scrutiny over its ownership structure, which kept it tied to J.P. Morgan. The firm also had to contend with new restrictions on traditional lines of business. In 1941, for example the Securities and Exchange Commission denied the firm $90,844 in underwriting fees for a $25 million bond issue for Dayton Power and Light Company because J.P. Morgan’s relationship with Dayton’s parent company allegedly violated a new “arms-length bargaining” rule. While&nbsp; Morgan Stanley appealed the ruling, the decision was upheld by the Court of Appeals. The partners recognized that J.P. Morgan's equity stake would continue to raise questions as the new investment bank was forging its own path.</p>\r\n",
                "order_id": 1
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              "content": {
                "text": "<p>In late 1941, the partners liquidated the six-year-old corporation and reorganized as a partnership in which equity was shared among senior leaders in the company.&nbsp; To do that, the partners had to buy back and retire the $3.3 million of preferred stock that outside shareholders owned, then recapitalize the business by investing their own funds. As <i>The New York Times</i> reported on January 9, 1942, the firm planned to continue focusing mainly on underwriting securities and noted it would “carry no margin accounts.”</p>\r\n",
                "order_id": 2
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              "type": "bodytext",
              "content": {
                "text": "<p>Along with reinforcing their stance that Morgan Stanley was independent, the move to formally cut all ties with J.P. Morgan brought other benefits. The shift allowed Morgan Stanley’s Ewing to liquidate his shares and ease into retirement. As a partnership, Morgan Stanley was now able to purchase a seat on the New York Stock Exchange, opening opportunities to buy and sell stocks and bonds for its clients. While Morgan Stanley would convert back to a corporation in the early 1970s,&nbsp; becoming a public company in 1986, Investment Banking Chairman Clinton Gartin notes that the ethos of shared ownership – and shared values -- remains embedded in the firm's DNA.</p>\r\n",
                "order_id": 4
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Governors Approve Transfer of Seat of John M. Young",
                "source": "The New York Times. January 9, 1942.",
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              "type": "sourcecredit",
              "content": {
                "headline": "SEC DENIES FEES TO MORGAN STANLEY; Holds There Was Absence of Arms-Length Bargaining in Dayton Power Deal BONDS SOLD A YEAR AGO Agency Calls Firm an Affiliate of Subsidiary of Registered Holding Company MORGAN STANLEY FAILS TO GET FEES ",
                "source": "The New York Times. March 8, 1941.",
                "source_url": ""
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              "content": {
                "headline": "Morgan Stanley Will Reorganize",
                "source": "The New York Times. Nov. 28, 1941.",
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              "type": "sourcecredit",
              "content": {
                "headline": "1941 Annual Report of the SEC",
                "source": "SEC.Gov. 1941 Annual Report of the SEC, pp. 227-228.",
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          "headline": "Morgan Stanley Capital International Launches First Comprehensive Global Markets Index",
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                "text": "<p>As investors started to expand into new global markets in the 1980s, Morgan Stanley recognized the need for new benchmarks and tools to aid those decisions. Instead of creating new products from scratch, the firm decided to partner with client Capital International, which had created the first set of global stock market indices in 1965 . Morgan Stanley bought the licensing rights to its indices in 1986, which were branded Morgan Stanley Capital International (MSCI).</p>\r\n<p>As MSCI’s largest stakeholder, Morgan Stanley invested in building on the data to create groundbreaking new tools.</p>\r\n<p>In 1988, MSCI launched the first comprehensive emerging markets index , which gave investors unprecedented transparency, data and guidance on some of world’s most dynamic developing economies. Launched with coverage of equities in 10 countries, the MSCI Emerging Markets Index was the result of rigorous research and balancing to reflect factors from market liquidity to sector strength. It soon became the gold standard and benchmark for a generation of global fund managers. The flagship fund has since expanded to include equities in 26 constituent countries, representing a much larger portion of global market cap.</p>\r\n",
                "order_id": 1
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              "type": "linkedcontent",
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              "content": {
                "text": "<p>Although arguably best known for its emerging markets index, MSCI developed numerous other indices and tools across every asset class and market. In 2004, MSCI acquired risk analytics firm Barra for roughly $816 million to form MSCI Barra. Morgan Stanley spun off the unit in 2007, and sold off its remaining interest two years later. Although no longer owned by Morgan Stanley, MSCI remained both a client and a partner in navigating global investment opportunities.</p>\r\n<p>As Morgan Stanley’s Asia Pacific Co-CEO Gokul Laroia points out, investing in global markets remains tricky terrain. All the more reason to seek partners and tools that enable you to take the long view.</p>\r\n",
                "order_id": 3
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                "headline": "Index Solutions",
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              "type": "sourcecredit",
              "content": {
                "headline": "Emerging Markets: A 20-Year Perpsective",
                "source": "MSCI Barra. Pg. 2. 2008.",
                "source_url": "https://www.msci.com/documents/10199/b0aa2137-8611-48d4-b2f5-90958acf1b8d"
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              "content": {
                "headline": "Celebrating 75 Years of Morgan Stanley",
                "source": "Morgan Stanley. Pg. 34. 2010.",
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              "content": {
                "headline": "Our History",
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          "headline": "The 1987 Stock Market Crash: Black Monday",
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                "text": "<p>On October 28, 1929, a day that was dubbed Black Monday before the Great Depression, the Dow dropped 38.3 points or 12.8%.</p>\r\n<p>October 19, 1987 was not only the biggest one-day percentage decline in market history; it was arguably one of the most unusual. After a five-year bull market, the Dow Jones Industrial Average plunged 508 points or 22.6% on what also became known as Black Monday in 1987.</p>\r\n",
                "order_id": 1
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              "content": {
                "text": "<p>Many factors likely contributed to the 1987 crash, including growth in electronic program trading, which permits a large number of shares to change hands all at once based on computer algorithms. Although developed to reduce risk, automated trading often exacerbated it by creating an uncontrolled cascade of selling, with falling prices triggering more orders to sell. Globalization and increased connectivity had also helped to turn a U.S. market downturn into a global series of market crashes. Derivative trading, illiquidity, overvaluation and U.S. trade and budget deficits were also cited as factors. While the 1987 crash saw 19 of the world's 20 largest stock markets lose one-fifth or more of their value, it did not lead to the prolonged downturn that followed the 1929 crash.</p>\r\n",
                "order_id": 3
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                "text": "<p>For John Mack, who was running Morgan Stanley's fixed-income desk at the time, the crash was an opportunity to instill resilience. As he would later recount in a 2012 issue of New York magazine, he found one of his team members crying as the Dow was falling. “What’s wrong with you?” Mack asked. “He said, ‘I’m going to lose everything I made.’ I said, ‘Well, let me ask you a question: What did you start with?’ He said, ‘I started with nothing.’ ” Mack's response:&nbsp; &quot;Well, then, make it back.”</p>\r\n<p>The selloff was only halted after the Federal Reserve issued a statement indicating that it would support market liquidity and work with financial firms to encourage access to credit. To reduce the risks of automated trading, the New York Stock Exchange instituted new procedures, called circuit breakers, to pause trading temporarily in the event of rapid market sell-offs. Instead of a much-feared recession, the market sprang back, gaining 288 points in two sessions and surpassing previous highs within two years.</p>\r\n",
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              "type": "sourcecredit",
              "content": {
                "headline": "Stock Market Crash of 1987",
                "source": "Federal Reserve Bank of Chicago. By Donald Bernhardt and Marshall Eckblad.",
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              "type": "sourcecredit",
              "content": {
                "headline": "Stock market swings in Dow are less dramatic than they used to be, experts say",
                "source": "Newsday, Dec. 17, 2018.",
                "source_url": "https://www.newsday.com/business/stock-market-bad-day-percent-1.24574693"
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              "content": {
                "headline": "What is Black Monday and what has changed since then?",
                "source": "TheStreet.com. Oct. 9, 2018.",
                "source_url": "https://www.thestreet.com/politics/black-monday-1987-14738772"
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              "content": {
                "headline": "Look Who's Back",
                "source": "New York magazine, by Jessica Pressler. April 6, 2002.",
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          "type": "storyname",
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          "headline": "Behind the Apple IPO",
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                "text": "<p>When Jack Wadsworth set out to develop new business for Morgan Stanley in the late 1970s, Apple Computer Inc. wasn’t initially on his list. Having recently joined the firm as an investment banking partner from First Boston Corp., Wadsworth was used to calling on companies that had at least $10 million in net income. That was changing with the emergence of a new class of company built on technology growth that didn’t meet the traditional criteria set by the firm. What put Apple on his list was a phone call from a Morgan Stanley research analyst.</p>\r\n<p>“We had a research analyst named Ben Rosen who later became a famous venture capitalist,” Wadsworth says. “When he heard we were putting together a business development department, Rosen called us to his office where he had an Apple II. And he said, ‘Look at this machine and look at what it can do. I don't know anything about the company, but you guys better go out and call on them.’”</p>\r\n",
                "order_id": 1
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                "headline": "A view of the Apple II computer",
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                "text": "<p>Wadsworth flew out to California to meet with Apple co-founder Steve Jobs. While Wadsworth may have known little about Apple, he discovered that Jobs knew even less about Morgan Stanley.</p>\r\n<p>“Steve Jobs came in his trademark black T-shirt with sandals and no socks and took his sandals off and put his bare feet up on the table and said, 'What does Morgan Stanley do?'” Wadsworth recalls. “I swallowed my pride and said, ‘Well, we're an investment bank and gave him the story.’”</p>\r\n<p>Jobs then asked how many initial public offerings Morgan Stanley had done.</p>\r\n<p>“I told him we’d done three, and they were Texas Instruments in 1957, Kodak in 1939 and Marsh McLennan in 1962,” Wadsworth says. “And he said, ‘Well, those are good names.’ And at the end of that meeting we basically had a handshake on doing the initial public offering for Apple Computer.”</p>\r\n<p>To Stephanie Whittier, who’d joined the investment banking team out of school a few years earlier, Jobs and his co-founder Steve Wozniak were distinctively different from the usual client who came through the door.</p>\r\n",
                "order_id": 3
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                "text": "<p>Whittier recalls how the young company’s December IPO generated a lot of interest among institutional investors, even after Jobs and the team at Morgan Stanley priced the shares aggressively. Originally pegged at $14, the share price was set at $22.</p>\r\n<p>“We took indications of interest, which is how you built the book for equity IPOs: on paper,” Whittier says. “There were no computers. We had hundreds and hundreds of sheets of ledger paper.&quot;</p>\r\n<p>Even so, Massachusetts regulators banned its residents from purchasing the stock — and its brokers from trading it — because it was deemed too risky. [Mutual funds and financial institutions were excluded from the ban, as they were deemed &quot;sophisticated&quot; enough to handle the risk.] The future tech behemoth had fallen short on at least one important measure: profitability. Its price/earnings ratio was 90; the upper limit under Massachusetts security law at the time was 20. Clint Gartin recalls the ban being memorialized on the tombstones given to those who worked on the deal.</p>\r\n<p>“Around the office they had these tombstones that read ‘Banned in Boston,’&quot; he says. “Massachusetts decided that Apple was too risky for its citizens.&quot;</p>\r\n",
                "order_id": 5
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                "text": "<p>On December 12, 1980, Apple Computer debuted at $22 a share. The stock closed that day at $29, giving 25-year-old Jobs a net worth of $217 million. Apple would go on to become the first public company to achieve a $1 trillion market cap. The path to that historic milestone wasn't smooth, however, as Jobs would also be forced out of the company after a power struggle in 1985, returning to the CEO spot in 1997. For Wadsworth, the most transformative aspect of that deal was seeing how co-manager Hambrecht &amp; Quist was compensated. It prompted Wadsworth to think about creating a whole new business line.</p>\r\n<p>“When we closed the Apple public offering,&quot; he says, &quot;we collected a check for two and a half million dollars. But Hambrecht and Quist collected a check for $25 million. The difference, of course, was that we got paid for the underwriting and they got paid for their initial investment in Apple.</p>\r\n<p>“So I came back to New York with these two ideas on my mind: One was that there something wrong with this picture. The second was how could Morgan Stanley get on the right side of that early investment strategy?</p>\r\n<p>That wisdom led the firm to develop close relationships with technology companies and give them the expertise and capital needed to invent new products and capabilities, says Michael Grimes, the Head of Global Technology Banking at Morgan Stanley.</p>\r\n<p>In addition to helping usher in the personal computer revolution with Apple’s IPO, Morgan Stanley has been present at many of the major technology developments that have influenced the world and the way people work, live and play, Grimes says.</p>\r\n<p>In 1990, the firm led the IPO for Cisco Systems, the groundbreaking company founded by Len Bosack and Sandy Lerner that paved the way for the infrastructure of the internet. In 1995, the Morgan Stanley team, including analyst Mary Meeker, introduced investors to Netscape, which had been founded as Mosaic Communications by Silicon Valley veteran James Clark and a 22-year old programmer named Marc Andreessen. Netscape’s product was software to navigate and find information for the internet that helped usher in the consumer internet as we know it.</p>\r\n<p>In 2004, Morgan Stanley continued its leadership of the global technology and internet revolution, leading the IPO for Google, the ubiquitous internet search engine company founded by Larry Page and Sergey Brin that has continued to expand its business to being one of the few companies in history to reach a trillion dollars in market capitalization.</p>\r\n",
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              "content": {
                "headline": "Celebrating 85 Years",
                "source": "Morgan Stanley Anniversary Documentary. March 2020.",
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Flashback to Apple's 1980 IPO",
                "source": "The Wall Street Journal. Oct. 6, 2011.",
                "source_url": "https://blogs.wsj.com/deals/2011/10/06/flashback-to-apples-1980-ipo/?adobe_mc=MCMID%3D46502583178793632101081310906320787082|MCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg|TS%3D1580934909"
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              "type": "sourcecredit",
              "content": {
                "headline": "When Apple went public on this date in 1980, Massachusetts warned investors to stay away",
                "source": "MarketWatch. Dec 11, 2017.",
                "source_url": "https://www.marketwatch.com/story/when-apple-went-public-on-this-date-in-1980-massachusetts-warned-investors-to-stay-away-2017-12-11"
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              "content": {
                "headline": "Google Reaches $1 Trillion in Value, Even as It Faces New Tests",
                "source": "The New York Times. January 16, 2020.",
                "source_url": "https://www.nytimes.com/2020/01/16/technology/google-trillion-dollar-market-cap.html"
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          "headline": "Underwriting U.S. Steel for the War Economy and Beyond",
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                "text": "<p>U.S. Steel started was a behemoth from the outset. Created by J.P. Morgan through a series of mergers in 1901, the United States Steel Corporation was the first billion-dollar corporation. With 213 manufacturing plants, 41 mines, and 168,000 workers, it accounted for two-thirds of the nation's steel output.</p>\r\n<p>After rapid growth through the 1920s, however, the company suffered heavy losses during the Great Depression as demand for automobiles and other products dried up. In 1929, its plants operated at 89.2% capacity in producing finished products for sale. By 1938, they averaged just 36.2%.</p>\r\n",
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                "text": "<p>Even so, innovations in production techniques, materials and customer demands created continued pressure to modernize. Between 1935 and 1938, the company invested $300 million in new mills to supply steel for automobiles, refrigerators and canning, among other industries. As U.S. Steel chairman Edward Stettinius told Congress in May 1939: “These great expenditures [were] at a time when the current business of the Steel Corporation was not prosperous, substantially reducing the liquid assets of our corporation.”</p>\r\n",
                "order_id": 3
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              "content": {
                "text": "<p>Faced with the choice between financing its loans and future costs through equity or debt, U.S. Steel chose the latter. With improving business conditions and the threat of a European war poised to stoke demand for steel, the company thought, investors would likely be happy to extend credit. Morgan Stanley took the lead in managing a $100 million offering of debentures, announced in May 1938, heading up a group of 102 underwriters. With the offerings' net proceeds of $97,875,000, U.S. Steel repaid $50 million in bank loans and modernized its plants, leaving it better prepared for the demands of war and the boom that followed.</p>\r\n",
                "order_id": 5
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              "content": {
                "headline": "102 Underwriters for U.S. Steel Loan",
                "source": "The New York Times, Times Machine. May 27, 1938.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1938/05/27/98142194.html?pageNumber=25"
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              "type": "sourcecredit",
              "content": {
                "headline": "Record Verbatim",
                "source": "Record of the Proceedings: Temporary National Economic Committee. May 17, 1939.",
                "source_url": "https://books.google.com/books?id=haeqtMjxtCEC&pg=PA381&dq=U.S.+Steel+$100+million+1938+debentures&hl=en&ppis=_c&sa=X&ved=2ahUKEwi3h_OnkablAhUJyFkKHRuXB5sQ6wEwAXoECAUQAQ#v=onepage&q=U.S.%20Steel%20%24100%20million%201938%20debentures&f=false"
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          "headline": "The Glass-Steagall Act Restricts Banks and Restores Confidence",
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          "photo_alt_text": "Glass Steagall event",
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                "text": "<p>Passed amid the depths of the Great Depression, the Glass-Steagall Act aimed to restore faith in the banking system. Between 1929 and 1933, U.S. industrial production fell by almost half and the unemployment rate rose to 25%. As banks started to collapse because of tough economic conditions, or risky lending and investing decisions, customers became anxious about the security of their deposits.</p>\r\n",
                "order_id": 1
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              "type": "video",
              "content": {
                "headline": "A New Banking Bill Creates Headlines",
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                "text": "<p>They were right to be nervous. Unlike today, the only source of income that most Americans had when they stopped working was the money they’d saved in their bank accounts. Few had pensions, and government programs like Social Security and Medicare did not yet exist. Moreover, people knew that their savings were only as safe as the bank that held them. If it failed, the money would be gone forever.</p>\r\n<p>As hundreds and then thousands of banks started to fail, depositors were on edge. Even the rumor of an impending collapse could prompt crowds to withdraw everything they had from an institution, forcing banks to liquidate their assets or close their doors. In March of 1933, newly elected President Franklin D. Roosevelt closed the banks to introduce the Emergency Banking Relief Act of 1933. By vetting the health of banks and authorizing emergency funds, the act assured Americans that their deposits were safe.</p>\r\n",
                "order_id": 3
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                "order_id": 4
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              "type": "bodytext",
              "content": {
                "text": "<p>When the more extensive Banking Act of 1933, or Glass-Steagall Act, passed later that year, the hotly debated Federal Deposit Insurance Corporation institutionalized depositor protections. It also included a requirement that banks choose between commercial banking and investment banking. The goal: to prevent banks from putting depositors’ money at risk through investing in the stock market or encouraging their customers to invest.</p>\r\n<p>That separation of banking activities may have had less to do with protecting depositors than appeasing public anger stoked by the high-profile grilling of bankers by the Senate Banking Committee's chief counsel, Ferdinand Pecora. Although the causes of the stock market crash and subsequent economic woes were complex, many hard-hit Americans were eager to find villains to blame.</p>\r\n",
                "order_id": 5
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "The Great Depression: 1929-1939",
                "source": "FDIC.gov",
                "source_url": "https://www.fdic.gov/about/history/timeline/1930s.html"
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              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Where Is Our Ferdinand Pecora?",
                "source": "The New York Times, January 5, 2009.",
                "source_url": "https://www.nytimes.com/2009/01/06/opinion/06chernow.html"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Bank Failures in Theory and History: The Great Depression and Other \"Contagious\" Events",
                "source": "The National Bureau of Economic Research, November 2007.",
                "source_url": "https://www.nber.org/papers/w13597"
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              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Traditional Sources of Economic Security",
                "source": "Social Security",
                "source_url": "https://www.ssa.gov/history/briefhistory3.html"
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          "type": "storyname",
          "menu_label": "story-1977-london",
          "headline": "Establishing Morgan Stanley International in London",
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                "text": "<p>In the 1970s, international expansion became a priority for Morgan Stanley as clients and capital increasingly flowed across borders. Just as restrictions on foreign loans and securities in the 1960s had sparked demand for companies to raise money outside the U.S., deregulation and new technology in the 1970s made it easier to do so. First, Morgan Stanley needed both the reach and scale to serve international clients around the clock. When OPEC quadrupled prices in the 1970s, oil producers were also looking for new ways and new places to invest.</p>\r\n",
                "order_id": 1
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                "text": "<p>London and Paris were battling it out for the prize of being home to Morgan Stanley's international headquarters. Morgan Stanley set up an office in Paris in 1967, so the French city was a clear contender for the firm's international expansion. Tokyo, where Morgan Stanley opened an office in 1970, was another. R. Bradford Evans, who joined the firm in 1970 and went on to lead its European investment banking business, recalls that it wasn’t an easy choice.</p>\r\n<p>While London offered a strong financial market and easy access to multiple global destinations, Paris boasted deeper ties to the firm. However, London’s burgeoning role as the financial capital of Europe made it a more logical location to establish a global headquarters. Richard A. Debs, the founding president of Morgan Stanley International, had the awkward job of explaining that to clients and contacts in Paris.</p>\r\n",
                "order_id": 3
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              "type": "callout",
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                "headline": "",
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                "order_id": 4
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            {
              "type": "bodytext",
              "content": {
                "text": "<p>While Morgan Stanley opened its international headquarters in 1977, London became a much more vibrant financial hub several years later. On October 27, 1986, the U.K. government suddenly deregulated financial markets. In what became known as the “Big Bang,&quot; it abolished fixed commissions; the separation of brokers and advisors; and a ban on foreign ownership of brokers. With the London Stock Exchange simultaneously moving to electronic trading, the square-mile financial district known as the City of London was quickly transformed into a global hub. In 1991, Morgan Stanley became one of the first tenants to move to Canary Warf by the Docklands at the beginning of what would become a more robust international business.</p>\r\n",
                "order_id": 5
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Group Head Retires at Morgan Stanley",
                "source": "The New York Times, By Daniel F. Cuff. April 16, 1987.",
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              "type": "sourcecredit",
              "content": {
                "headline": "MORGAN STANLEY IN A PARIS DEAL",
                "source": "The New York Times, By Herbert Koshetz. Sept. 20, 1975.",
                "source_url": ""
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            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "London Reclaims a Heritage",
                "source": "The New York Times, By Steve Lohr. September 22, 1986.",
                "source_url": "https://www.nytimes.com/1986/09/22/business/london-reclaims-a-heritage.html"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "The Interest Equalization Tax of 1963",
                "source": "Congress.",
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          "menu_label": "story-1929-porch",
          "headline": "A Porch Meeting Leads to the Creation of Morgan Stanley",
          "eyebrow": "",
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          "photo_alt_text": "Porch Event",
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                "text": "<p>In August 1935, five men boarded a train bound for Maine with a mission. Four were partners of J.P. Morgan &amp; Co: George P. Whitney, Russell Leffingwell, S. Parker Gilbert, Sr. and Harold Stanley. With them was their lawyer, Lansing Reed. Each carried a memorandum titled “Proposed Organization of XYZ Corporation.”</p>\r\n<p>When the train arrived in Rockland, Maine, a car was waiting to take the men to a dock on Penobscot Bay. They were then ushered onto a 75-foot boat owned by senior Morgan partner Thomas Lamont and ferried to Sky Farm, his summer house in the island town of North Haven, Maine. Their purpose: to debate and ultimately create a new investment bank for underwriting securities, which could no longer be handled alongside J.P. Morgan’s commercial banking operations as a result of the Glass-Steagall Act.</p>\r\n",
                "order_id": 1
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                "text": "<p>As the partners sat in heavy Adirondack chairs on Lamont’s 100-foot-long porch, they knew that establishing a new bank was not without risk. For one thing, it meant walking away from an established bank with $340 million in capital to launch a new venture in a tough economic climate with around $7.5 million in capital. With potential customers like AT&amp;T asking for their help, though, they were confident about demand.</p>\r\n<p>The debate then shifted to who would lead the new enterprise. As the afternoon started to fade into evening, one of the Morgan partners reportedly said, “Harold has been sitting quietly over there at the side of the room. He is my candidate for president.” With his expertise in utility finance and statesmanlike demeanor, the 49-year-old Stanley was well-respected on Wall Street.</p>\r\n",
                "order_id": 4
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                "text": "<p>The partners then raised a second name: Henry Morgan, the 34-year-old grandson of J. Pierpont Morgan and son of J.P. Morgan, Jr. Not only would the third-generation financier bring the powerful Morgan name and heritage to the new firm, he was also a talented manager who had already amassed a vast network of important business contacts. Moreover, he, too, was reportedly willing to abandon the comfort of Morgan bank to help launch this new venture.</p>\r\n",
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                "text": "<p>By the end of what became known as “the porch meeting,” some key decisions were made: The XYZ Corporation would be named Morgan Stanley &amp; Co. Incorporated, with Harold Stanley as president and Henry Morgan in the roles of treasurer and secretary. On the boat trip back, Lansing Reed praised Harold Stanley for his unselfish decision to leave his post at a powerful firm. Several other partners would quickly join him.</p>\r\n",
                "order_id": 8
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              "type": "sourcecredit",
              "content": {
                "headline": "Celebrating 75 years of Morgan Stanley",
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          "headline": "Morgan Stanley Trades Wall Street for Midtown",
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                "text": "<p>As a location, Wall Street had long been a tight squeeze. Running eight short blocks from Broadway to the East River in lower Manhattan, it was created by the Dutch in 1653 as a 2,340-foot wall to protect New Amsterdam against invaders. In 1792, it became a center for finance when a group of traders and merchants signed the Buttonwood Agreement, creating the New York Stock Exchange. By the time Morgan Stanley opened for business on September 16, 1935 at 2 Wall Street, there was no other place for an American investment bank to be.</p>\r\n<p>While the firm had operated for more than three decades from its headquarters overlooking old Trinity Church, the space was decidedly cramped. In 1967, Morgan Stanley finally relocated to 140 Broadway. Although it was only a five-minute walk from 2 Wall Street, the aluminum-and-dark-glass skyscraper could have been a world away, with its large public plaza and Isamu Noguchi’s 24-foot Red Cube delicately balanced in front. Henry Morgan even quipped that the new Broadway address would make his London friends think he’d become a theater producer, according to author Ron Chernow. Within a few years, it was clear that Morgan Stanley needed to move again.</p>\r\n<p>The 1973 move to the Exxon building at 1251 Avenue of the Americas in Midtown Manhattan was largely driven by President Robert Baldwin. Having pushed the partners to modernize the firm and expand into areas like trading, Baldwin knew Morgan Stanley would need a lot more space to make that happen. Along with offering five full floors to lease, the Exxon building could house a large trading floor. More importantly, it was close to the offices of a number of large clients. With trade becoming more automated and a growing need to offer easier access to commuters, the case for staying on Wall Street had become less compelling.</p>\r\n",
                "order_id": 1
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                "text": "<p>Even so, Anson Beard, Jr., an advisor director at the firm, recalls the buzz Morgan Stanley's move generated. “People thought the firm was crazy,&quot; he says. </p>\r\n<p>As one of the first investment banks to leave Wall Street, Morgan Stanley appeared to be stepping away from its rich tradition. Baldwin didn’t mind. To him, it was imperative that Morgan Stanley “adapt or perish.” Moving to Midtown became a catalyst in modernizing the firm.</p>\r\n",
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Wall Street is Moving and It’s Reshaping New York",
                "source": "Bloomberg Businessweek. May 14, 2018.",
                "source_url": "https://www.bloomberg.com/graphics/2018-manhattan-office-migrations/?srnd=real-estate-and-home"
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              "content": {
                "headline": "Automate is the Word on the Big Board",
                "source": "The New York Times. June 4, 1967.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1967/06/04/90350133.html"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "BLAST RIPS BANK IN FINANCIAL AREA: 20 Hurt at Marine Midland — 'Device' is Blamed",
                "source": "The New York Times. August 21, 1969.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1969/08/21/89023198.html?pageNumber=47"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance",
                "source": "Grove Press, By Ron Chernow. New York 1990.",
                "source_url": ""
              },
              "routeInfo": {}
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        {
          "type": "storyname",
          "menu_label": "story-1973-may-day",
          "headline": "May Day Brings an End to Fixed Rates on Wall Street",
          "eyebrow": "",
          "crc": "2961130",
          "aemName": "story-1973e",
          "episode-name": "new-horizons-with-new-challenges",
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          "timelineEraId": "era-3",
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                "text": "<p>When The New York Stock Exchange announced that it would stop forcing members to charge clients fixed commission rates on stock trades as of May 1, 1975, the move was dubbed &quot;May Day.&quot; The move was imposed on the NYSE by the Securities and Exchange Commission and proposed legislation in Congress. When Morgan Stanley President Robert Baldwin spoke about the impact of the new policy, he used the naval distress signal &quot;Mayday!&quot; Baldwin chose the term to evoke what he predicted would be a bloody battle for customers once the policy came into effect.</p>\r\n<p>Baldwin was not wrong. The Buttonwood Agreement that launched the NYSE in 1792 had guaranteed members minimum commissions on each trade. For 183 years, that gentlemen’s agreement allowed the exchange to set fees that made trading quite expensive for investors and very lucrative for brokers. Brokerage commissions accounted for at least half of the revenue at most Wall Street firms in 1975. As Morgan Stanley veteran Jack Wadsworth points out, Baldwin was right to predict that the end of fixed rates would be painful for many.</p>\r\n<p>&quot;Bob Baldwin was worried that the elimination of the fixed commission would in fact drive down profit margins in the Wall Street firms,&quot; he says. &quot;In general, it did just that.&quot;</p>\r\n<p>The long anticipated move helped Baldwin in his ongoing push to transform Morgan Stanley from a white-shoe firm serving blue-chip clients to a full-service financial brokerage that could also beat rivals in rough-and-tumble businesses like trading. The specter of heavy discounting among brokers was just another sign that competition for client business was becoming fiercer.</p>\r\n<p>Even with the ban, brokerage commissions accounted for nearly half of all Wall Street revenues in 1975, according to the Securities Industry Association. By 1984, they accounted for less than a quarter. What kept revenue flowing was a rapid influx of new investors and business after the cost of trading plunged. As rates went down, the volume of trades went up, giving rise to a new class of retail investor that would prove critical to Morgan Stanley’s business in the decades to come.</p>\r\n",
                "order_id": 1
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Is Wall Street Ready for May Day 2?",
                "source": "The New York Times. April 28, 1985.",
                "source_url": "https://www.nytimes.com/1985/04/28/business/is-wall-street-ready-for-mayday-2.html"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "In the Midst of Revolution: The SEC, 1973-1981",
                "source": "Securities and Exchange Commission Historical Society.",
                "source_url": "http://www.sechistorical.org/museum/galleries/rev/rev02c.php"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Robert H.B. Baldwin, Transformer of Morgan Stanley, Dies at 95",
                "source": "The New York Times. January 6, 2016.",
                "source_url": "https://www.nytimes.com/2016/01/07/business/dealbook/robert-hb-baldwin-transformer-of-morgan-stanley-dies-at-95.html"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Wall Street Shaken by Haack Speech",
                "source": "The New York Times. November 22, 1970.",
                "source_url": "https://www.nytimes.com/1970/11/19/archives/wall-st-shaken-by-haack-speech-industry-leaders-choosing-sides-on.html"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Ending a NYSE tradition: The 1975 Unraveling of Broker's fixed commissions and its Long term impact on Financial Advertising",
                "source": "Business Faculty Publications, 103, Coyne, Michael. (2007).",
                "source_url": "http://digitalcommons.fairfield.edu/business-facultypubs/103"
              },
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            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "S.E.C. Clears a Rate Rise In Brokerage Commissions",
                "source": "The New York Times. Sept. 12, 1973.",
                "source_url": "https://www.nytimes.com/1973/09/12/archives/sec-clears-a-rate-rise-in-brokerage-commissions-s-e-c-clears.html"
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          "menu_label": "story-1973-baldwin",
          "headline": "Leading Morgan Stanley in a New Direction",
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                "text": "<p><i>“As we look to the future, it is clear that change will be constant and that financial organizations must adapt or perish.” </i>– Robert H.B. Baldwin </p>\r\n<p>In the annals of Morgan Stanley, few leaders were as willing to dispense with tradition as Robert H.B. Baldwin. As president from 1973 to 1979 and chairman from 1979 until he retired in 1983, Baldwin made it his mission to transform the firm. He felt he had no choice: Faced with the realities of new regulations, competitors, technological innovations and client needs, Morgan Stanley had to either evolve or disappear. As the firm's former Asia chief, Jack Wadsworth, argues, Baldwin came to the job with a strong intuition for where the world was going. </p>\r\n<p>Born in East Orange, New Jersey, Baldwin had come to the top job by a different route than many of his predecessors. Like Frank A. Petito, the firm's chairman at the time, Baldwin wasn’t raised in a privileged background. He reminisced fondly about his grandfather’s work as a railroad conductor and frequently reminded co-workers that he had run a laundry at Princeton to pay his way through school.</p>\r\n",
                "order_id": 1
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                "text": "<p>His son, Robert H.B. Baldwin, Jr., still remembers the pillow that sat in his dad’s office for years, inscribed with the words: “The harder I work, the luckier I get.” It proved to be true until the young father decided to pursue an MBA at New York University while raising a family and trying to make partner. A man who’d graduated with highest distinction from Princeton later admitted to his son that he struggled.</p>\r\n<p>Baldwin still managed to make partner in 1958, but left in 1965 when President Lyndon Johnson offered him the post of Under Secretary of the Navy. Baldwin accepted the honor out of duty and, his son says, frustration at what he perceived to be the slow-moving partnership culture of the firm. He returned after a two-year stint, determined to shake things up. The turning point came in 1971, when Baldwin held a strategic planning meeting — the firm's first — in which he convinced his colleagues that drastic change was needed.</p>\r\n<p>Baldwin's prescient leadership helped Morgan Stanley win a battle in which many of its peers perished. For example, he correctly predicted that a new rule banning fixed commissions on stock sales would lead to the demise of hundreds of firms.</p>\r\n<p>Anson M. Beard, Jr., who was hired in 1977 to found Private Client Services, believes Morgan Stanley survived that period because of Baldwin.</p>\r\n",
                "order_id": 3
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            {
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              "content": {
                "headline": "Remembering Bob Baldwin",
                "source": "Morgan Stanley. Jan. 6, 2016.",
                "source_url": "https://www.morganstanley.com/ideas/remembering-bob-baldwin"
              },
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              "type": "sourcecredit",
              "content": {
                "headline": "Robert H.B. Baldwin, Transformer of Morgan Stanley, Dies at 95",
                "source": "The New York Times. Jan. 6, 2016.",
                "source_url": "https://www.nytimes.com/2016/01/07/business/dealbook/robert-hb-baldwin-transformer-of-morgan-stanley-dies-at-95.html"
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              "type": "sourcecredit",
              "content": {
                "headline": "Former Morgan Stanley Chairman Robert HB Baldwin Dies at 95",
                "source": "The Wall Street Journal. Jan. 5, 2016.",
                "source_url": "https://www.wsj.com/articles/former-morgan-stanley-chairman-robert-h-b-baldwin-dies-at-95-1452039432"
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          "menu_label": "story-1961-partners",
          "headline": "Lewis Bernard on Navigating Morgan Stanley's Partnership Culture",
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                "text": "<p>Bernard also recalls a time when holed up in Henry Morgan's office to work: </p>\r\n<p><i>&quot;When I started working in 1963,&quot; Bernard says, &quot;we didn't have offices. We were in a large bullpen. It was noisy and you would always try and go find a place where you could work quietly. One day, I was working away in Mr. Morgan's office and he came in. I was embarrassed and stood up, saying, 'Oh Mr. Morgan, I'm so sorry. I've got to get a report to the partners tomorrow morning and I just needed a place to work.'  </i></p>\r\n<p><i>He said, 'Sit. You'll stay. I'll leave. You're doing the business of the firm.'&quot; </i></p>\r\n<p>That's just how Morgan was, Bernard says. <i>&quot;He provided an environment that was unique on Wall Street.&quot; </i></p>\r\n",
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                "text": "<p>Bernard also remembers when Hall and Morgan helped Richard Fisher become a Partner at the firm:</p>\r\n<p><i>&quot;I remember when Dick Fisher got that call to go upstairs to see Mr. Morgan and&nbsp;Perry Hall,&quot; Bernard says.</i></p>\r\n<p><i>&quot;Fisher&nbsp;said,&nbsp;'I can't accept a partnership. I can't put up the money.'&nbsp;</i></p>\r\n<p><i>Mr. Morgan said,&nbsp;'Don't worry'&nbsp;and he put up the money so that Dick could become a partner.'&quot; </i></p>\r\n<p>Finally, Bernard recounts the moment he became a Partner at Morgan Stanley:</p>\r\n<p><i>&quot;I was made a partner during the time when we actually had the corporation and the partnership. Our business was split, so I was a&nbsp;Partner and also a&nbsp;Managing&nbsp;Director. You had to work at the firm seven years to become a&nbsp;Partner. You’d get an announcement that Mr. Morgan would like to see you. So I went&nbsp;heading&nbsp;up to Mr. Morgan's office; Perry Hall and Bob Baldwin were sitting there.&nbsp;</i></p>\r\n<p><i>Mr. Morgan got up from behind his desk and said,&nbsp;'We would like you to join the firm.'&nbsp;</i></p>\r\n<p><i>Perry Hall said,&nbsp;'Before you do that, you should know that the most difficult ship to navigate is a partnership.'” </i></p>\r\n",
                "order_id": null
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              "content": {
                "text": "<p>When Perry Hall retired from the top leadership position in 1961, Morgan Stanley functioned as a true partnership for the rest of the decade: Each partner ran his own area of business, but they made decisions by consensus. It was a civilized process for some, and a source of frustration for others.</p>\r\n",
                "order_id": 1
              },
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            },
            {
              "type": "bodytext",
              "content": {
                "text": "<p>When Perry Hall retired from the top leadership position in 1961, Morgan Stanley functioned as a true partnership for the rest of the decade: Each partner ran his own area of business, but they made decisions by consensus. It was a civilized process for some, and a source of frustration for others. </p>\r\n<p>Lewis Bernard reflects on the culture he encountered when he was hired in 1963: </p>\r\n<p><i>&quot;I got an assignment to do work for a client looking at a number of possible mergers and acquisitions,&quot; he says. &quot;The client was somebody with whom Perry Hall had a very close relationship. So I got a call one day to come up to the 30th floor, which is where Perry's office was.  </i></p>\r\n<p><i>He said, 'We're going to x.' </i></p>\r\n<p><i>I said, 'Okay.'  </i></p>\r\n<p><i>He said, 'Go down and get your hat.' </i></p>\r\n<p><i>I said, 'Excuse me?' </i></p>\r\n<p><i>He said, 'Get your hat!' </i></p>\r\n<p><i>I said, 'I don't have a hat.' </i></p>\r\n<p><i>He said, 'Well, you're not going.'</i></p>\r\n<p><i>I said, 'Okay.' I had the presence of mind not to say, 'Who cares?' I didn't say that or mention that, if I had a hat, they would put it in the coat closet.  Perry went off with two other people to see the client and I went off to buy a hat.'&quot;</i></p>\r\n",
                "order_id": 3
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          ],
          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Morgan Stanley - Celebrating 85 Years",
                "source": "The Documentary Group. March, 2020.",
                "source_url": ""
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        },
        {
          "type": "storyname",
          "menu_label": "story-1973-biggs",
          "headline": "Setting the Gold Standard for Research and Analysis",
          "eyebrow": "",
          "crc": "2963232",
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          "episode-name": "new-horizons-with-new-challenges",
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                "text": "<p>When Frank Petito and Robert Baldwin decided to launch a research division in 1973, they hired hedge fund manager Barton M. Biggs to run it, marking the first time anyone had been brought in to the firm as a partner. Biggs had a record of delivering results—his Fairfield Partners fund had generated returns of 133% in the eight years since he co-founded it while the S&amp;P 500 delivered 19%—but he also brought much more. An English major at Yale, Biggs quickly became known “an independent thinker, colorful writer and one of the pioneers of emerging markets investing,” as CEO James P. Gorman wrote in a memo commemorating Biggs' death in July 2012.</p>\r\n<p>While Biggs created a research business that became the gold standard on Wall Street, establishing himself and a generation of analysts as leading experts in their fields, his arrival was not without controversy. As Lewis Bernard recalls, he and several other partners understood the need for independent analysis to help guide investment decisions but nevertheless worried about the inevitable conflict that would arise when that research ran counter to client interests.</p>\r\n<p>Biggs established Morgan Stanley Investment Management in 1975 and became the firm’s chief global strategist, helping to focus the firm on the potential of equities well beyond the U.S. market. <i>Institutional Investor</i> magazine named him as a strategist to its All-America Research Team ten times, and listed B number one global strategist from 1996 to 2000 in its annual research poll.</p>\r\n<p>Biggs’ best-known calls include predicting the bull market for U.S. stocks in 1982 and the peak of Japan’s Nikkei Index in 1989. He famously dubbed the dot-com boom of the late 1990s as “the biggest bubble in the history of the world” shortly before it crashed. As Gorman wrote in the introduction to “Biggs on Finance, Economics, and the Stock Market,” published in 2014 to raise money for the Morgan Stanley Foundation’s Global Alliance for Children: &quot;Reading through his work, it is remarkable how far ahead of the moment his mind operated.&quot; Biggs’ reputation was such that Hong Kong’s market soared after he said of China in 1993: “I’m tuned in, overfed and maximum bullish.”</p>\r\n<p>While Biggs left Morgan Stanley in 2003 to start his own firm, he remained a consultant until his death nine years later. As Gorman wrote: “Barton left an indelible mark on our business, our culture and our shared notion of leadership at Morgan Stanley.”</p>\r\n",
                "order_id": 1
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          ],
          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "The Hedgehog",
                "source": "CFA Magazine. July-August 2006.",
                "source_url": "https://www.cfainstitute.org/-/media/documents/article/cfa-magazine/2006/cfm-v17-n4-4198.ashx"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Biggs on Finance, Economics, and the Stock Market: Barton's Market Chronicles from the Morgan Stanley Years\" by Barton Biggs",
                "source": "Wiley. March 2014.",
                "source_url": "https://www.wiley.com/en-us/Biggs+on+Finance%2C+Economics%2C+and+the+Stock+Market%3A+Barton%27s+Market+Chronicles+from+the+Morgan+Stanley+Years-p-9781118572306"
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              "type": "sourcecredit",
              "content": {
                "headline": "Warning: Watch the Exits. A guru advises caution as markets surge",
                "source": "CNN.com, Asiaweek.",
                "source_url": "http://edition.cnn.com/ASIANOW/asiaweek/99/0430/cs5.html"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Barton Biggs Learns to Love ETFs",
                "source": "Institutional Investor. March 16, 2011.",
                "source_url": "https://www.institutionalinvestor.com/article/b150y31jj6gshz/barton-biggs-learns-to-love-etfs"
              },
              "routeInfo": {}
            },
            {
              "type": "sourcecredit",
              "content": {
                "headline": "Biggs Leaves Morgan Stanley, Plans to Manage Hedge Fund",
                "source": "The Wall Street Journal. January 17, 2003.",
                "source_url": "https://www.wsj.com/articles/SB1042827578406642144"
              },
              "routeInfo": {}
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Barton Biggs: EM pioneer who called the dotcom crash",
                "source": "MoneyWeek. July 17, 2012.",
                "source_url": ""
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          "menu_label": "story-1953-gm",
          "headline": "Anatomy of a Stock Offer – The New Yorker Looks at General Motors and Morgan Stanley",
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                "text": "<p>When John Brooks, a writer with <i>The New Yorker</i> magazine, learned in early 1955 that General Motors planned to raise more than $325 million by offering new stock to existing shareholders, he was intrigued. He wrote: “Although my mind tends to boggle at sums running into the millions, let alone hundreds of millions, I nevertheless decided to go down to Wall Street and see what I could find out about how the movers and shakers of the financial world go about helping a giant corporation raise a record-breaking sum.”</p>\r\n<p>So began an April 1955 article in which Brooks chronicled his &quot;adventure&quot; at Morgan Stanley, which had managed GM's record stock deal and its $300 million bond issue two years earlier.&nbsp; Surprised at receiving “not the glacial experience I had rather imagined” but rather “a cordial invitation to stop by,” Brooks went to 2 Wall Street to meet with the Morgan Stanley partners who had put together the deal. Getting off the elevator at the 20th floor, he entered what he described as a handsome room with leather sofas, brass lamps, framed prints of old New York, and a reception desk, where a young woman was telling a friend over the phone how to do a home permanent. She immediately smiled and interrupted her call to bring Brooks into a room dubbed “The Platform,” filled with “messenger girls” and partners working at enormous roll-top desks. He was greeted by an assistant named Robert Baldwin: “An athletic-looking young man, he was wearing a conservative brown suit, neatly pressed,” Brooks wrote. Baldwin explained the basics of the deal before bringing Brooks to another room.</p>\r\n<p>There, Brooks wrote, “in a swivel chair behind a massive flat-top desk, sat a heavyset, strenuous looking man, probably in his late fifties, who had a freckled, wind-burned face and was wearing a midnight-blue suit.” It was Perry Hall, the firm’s managing partner, who talked about the automaker with an air of familiarity and fondness. He described how the firm had created a 30-page memo for GM, packed with facts and figures on a range of financing options, recommending that common stock was the way to go. For GM, a sales-minded company that had issued $300 million in debt about a year earlier, extending ownership made sense. The challenge was to keep it quiet while working out details and printing 550,000 copies of the prospectus.</p>\r\n",
                "order_id": 1
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                "text": "<p>One question loomed over the pending deal: Would major shareholders like du Pont, which had the right to purchase 1 million shares at $75 a piece under the deal, want to buy such a big chunk of shares for a company they already owned? Morgan Stanley partner John Young told Brooks that the firm would negotiate to buy du Pont’s shares if they came available. “That’s how much we thought they were going to sell.” Then began the waiting game -- and the selling game -- to make sure others had a chance to exercise their rights to buy and see how the transaction would impact GM’s stock price. Everyone at Morgan Stanley was enlisted to handle the transactions, which included shareholders who sent blank checks (and even checkbooks); a woman who accidentally sent $15,000 instead of $150 to buy two shares; and another woman who brought in a fistful of cash, leaving before anyone discovered she overpaid by $20 (Both received refunds).</p>\r\n<p>In the end, Brooks wrote, investors subscribed to 98.5% of the new shares, which had already risen $20 above the issue price by the time he filed his story. The stock deal netted GM a total of $325,760,411. And for the public who didn't get a chance to buy a new share of GM? Brooks wrote, “It could be pretty sure that there would be no lack of advanced designs and styles, automatic transmissions, power steering, power brakes, and V-8 engines for some time to come.”</p>\r\n",
                "order_id": 5
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          ],
          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "A Reporter at Large: The Adventure",
                "source": "The New Yorker. April 23, 1955.",
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              "content": {
                "headline": "AUTOMOBILES: 1950 SHOW; Plans for General Motors January Exhibit Are Based on a Survey of Motorists",
                "source": "The New York Times. Nov. 20, 1949",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1949/11/20/84287162.html "
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          "type": "storyname",
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          "headline": "Morgan Stanley Serves in World War II",
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          "timeline-era-name": "BUILDING THE FOUNDATION",
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                "text": "<p>World War II stands apart as the deadliest conflict in human history, killing as many as 85 million people - roughly 3% of the world’s population at the time. It was also the costliest: The United States alone spent the equivalent of $4.2 trillion in today's dollars over three years and nine months of fighting. For Morgan Stanley’s partners and staff, serving their country often meant putting their financial and leadership skills to use. From managing complex logistics to analyzing military intelligence to raising money for young refugees to selling war bonds, the leaders of Morgan Stanley stood up to serve.</p>\r\n",
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                "text": "<p>Investors were understandably nervous about war, with the Dow falling in the days after Japan’s attack on Pearl Harbor. It eventually hit a low of 92.69 in late April of 1942 before turning around as wartime production and the prospects for victory picked up.</p>\r\n<p>For Morgan Stanley’s leaders and many others, the first priority was to support the war effort. That meant going to the front lines of battle, where more than 400,000 U.S. troops died. It meant being one of the five million women who entered the domestic workforce to make munitions and fill other jobs between 1940 and 1945. It also meant stomaching tax hikes that were capped at a top rate of 88% in 1942 and raised to 94% in 1944. And it meant buying bonds to finance the war effort.</p>\r\n",
                "order_id": 3
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              "type": "video",
              "content": {
                "headline": "Scenes From an Ammunition Factory in 1941",
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                "text": "<p>Morgan Stanley Partner Perry Hall was a natural salesman who embraced the challenge of helping to sell billions of dollars of war bonds. As Executive Manager of the War Loan Committee of the Second Federal Reserve, he helped manage two War Bond Drives while also serving on the N.Y. State War Finance Committee. By the war’s end, Americans had purchased $185.7 billion of bonds. Hall continued to raise money for charities after the war. His alma mater, Princeton University, praised Hall as one of its most successful fundraisers ever.</p>\r\n<p>Others served bravely on the front lines. Like many of those lucky enough to come home, Bob Baldwin never lost the instinct to serve. The U.S. Navy veteran joined the firm shortly after the war in 1946. Baldwin left Morgan Stanley in 1965 to serve as Undersecretary of the U.S. Navy for two years. He eventually returned to the firm and became its president and chairman. As Morgan Stanley CEO James Gorman wrote after Baldwin’s death in January 2016: “Bob embodied many of the ideals that have become our core values: putting clients first and giving back to the community.”</p>\r\n",
                "order_id": 5
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              "content": {
                "headline": "Congressional Research Service",
                "source": "7-5700 www.crs.gov RS22926.",
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              "type": "sourcecredit",
              "content": {
                "headline": "Memorial Perry E. Hall ’17",
                "source": "Princeton Alumni Weekly. July, 1992.",
                "source_url": "https://paw.princeton.edu/memorial/perry-e-hall-%E2%80%9917"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Remembering Bob Baldwin",
                "source": "Morganstanley.com Ideas. Firm Leadership, JAN 6, 2016.",
                "source_url": "https://www.morganstanley.com/ideas/remembering-bob-baldwin"
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          "headline": "A Merger Creates Morgan Stanley Dean Witter",
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          "timeline-era-name": "LEADING THE TECH REVOLUTION",
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                "text": "<p>The $10.2 billion merger that created America's largest securities firm in 1997 began with a satisfied client. Philip J. Purcell got a chance to know Morgan Stanley and then Chairman Richard B. Fisher four years earlier when the firm co-managed the IPO of Dean Witter, Discover &amp; Co after it was spun off from Sears Roebuck. As head of Dean Witter at the time, Purcell says he and Fisher connected over not only a shared vision for the industry but also shared priorities. &quot;You had the same client-oriented culture in both firms,&quot; Purcell says, adding that he'd witnessed it firsthand during the deal. That made Morgan Stanley &quot;by far the first choice&quot; as a partner in combining strengths through a merger.</p>\r\n",
                "order_id": 1
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              "type": "video",
              "content": {
                "headline": "Dean Witter - Morgan Stanley form No. 1 securities firm",
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                "text": "<p>John Mack, then president of Morgan Stanley, agreed that the synergies were compelling. At the time of the merger, Dean Witter had more than 360 branch offices with 9,000 Account Executives. Morgan Stanley had 27 principal offices in 19 countries. Dean Witter's Account Executives would receive more products to sell to their clients, and Morgan Stanley would broaden its reach beyond the corporate market to individual investors.</p>\r\n<p>The joining of the financial services firms was made possible only by the loosening of Depression-era restrictions limiting banks from competing in the securities business. Among other things, regulators now allowed the securities subsidiaries of bank holding companies to generate as much as 25 percent of their revenue from underwriting and brokerage, up from a previous limit of 10 percent.</p>\r\n<p>The merger of Morgan Stanley and Dean Witter created the largest asset management company and the largest securities firm, in terms of equity capital, in the United States.</p>\r\n<p>As Jeanne Donovan Fisher recalls, the deal was done on a handshake with Dick Fisher, who was then her fiancé, and closed a few months later on the their wedding day.</p>\r\n<p>Purcell was named chairman and chief executive of what became Morgan Stanley, Dean Witter, Discover &amp; Company, later shortened to Morgan Stanley in March 2001. Mack stayed on as president until 2001. While integrating two broadly different corporate cultures would prove to be no easy task, bringing an array of financial services to a broad range of clients would prove critical to the firm's success for years to come.</p>\r\n",
                "order_id": 3
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              "content": {
                "headline": "Morgan Stanley 1997 Annual Report",
                "source": "Morgan Stanley. 1997.",
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              "content": {
                "headline": "Morgan Stanley, Dean Witter Are Planning Massive Merger",
                "source": "The Wall Street Journal. By Anita Raghavan and. Steven Lipin, February 5, 1997.",
                "source_url": "https://www.wsj.com/articles/SB855118466302340000"
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          "menu_label": "story-1973-petito",
          "headline": "The Global Vision of Frank A. Petito",
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                "text": "<p>Frank A. Petito embodied Morgan Stanley’s principle of hiring and promoting the best and the brightest. Petito himself came from modest roots: the son of Italian immigrants, Petito attended Princeton University on scholarship and joined Morgan Stanley in 1936, becoming a partner in 1954 and its first chairman in 1973.</p>\r\n",
                "order_id": 1
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              "type": "bodytext",
              "content": {
                "text": "<p>Frank A. Petito embodied Morgan Stanley’s principle of hiring and promoting the best and the brightest. He came from modest roots. The son of Italian immigrants, Petito attended Princeton University on a scholarship and joined Morgan Stanley in 1936, becoming a partner in 1954 and its first chairman in 1973.</p>\r\n<p>Although Morgan Stanley had helped clients on a global scale since its early days, most of those deals involved American companies or clients seeking U.S. capital. Petito recognized the opportunities that lay beyond Wall Street, investing in talent, relationships and overseas locations that enabled the firm to compete for international business. In 1966, he helped secure one of the firm's first foreign deals: $600 million of loans for Banca d'Italia. Petito’s experience and knowledge of Europe made him a natural choice to oversee – with the aid of J. Sheppard Poor and S. Parker Gilbert – the formation of Morgan Stanley's Paris office in 1967.</p>\r\n",
                "order_id": 3
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                "text": "<p>Petito later helped to establish Morgan Stanley International, recruiting Richard Debs, then chief operating officer of the Federal Reserve Bank of New York, to run the business. Along with Morgan Stanley President Bob Baldwin, Petito wanted the firm to modernize by expanding into new areas of business, as well as new areas of the world. That vision and the opportunities it represented are what convinced Debs to leave the New York Fed.</p>\r\n<p>Patricia Beard, the author of &quot;Blue Blood &amp; Mutiny: The Fight for the Soul of Morgan Stanley,&quot; notes that Petito and Baldwin represented a new type of the leadership in the firm. As men who’d worked their way through school and came from modest means, they brought a very different aura to the C-Suite.</p>\r\n<p>Petito believed the firm should go where customers needed it to be. When founding partners had balked at the idea of a research department, Petito pushed to create one because institutional clients needed more insights on the investing environment and the companies that were raising capital. He hired Barton Biggs to lead the effort in 1973 – offering him a partnership on the spot. By 1977, Morgan Stanley had initiated coverage on 500 companies. Petito’s career spanned 43 years at Morgan Stanley, with only one break: During WW II, he served as a military intelligence officer on General Dwight D. Eisenhower’s headquarters staff in Europe.</p>\r\n",
                "order_id": 5
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          "sourcecredit": [
            {
              "type": "sourcecredit",
              "content": {
                "headline": "FRANK PETITO, INVESTMENT BANKER",
                "source": "The New York Times. June 18, 1986.",
                "source_url": "https://www.nytimes.com/1986/06/18/obituaries/frank-petito-investment-banker.html"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Frank Alfred Petito",
                "source": "Princeton Alumni Weekly. December 24, 1986. p. 19.",
                "source_url": "https://books.google.com/books?id=fBdbAAAAYAAJ&pg=RA6-PA19&lpg=RA6-PA19&dq=frank+petito+morgan+stanley+advisory&source=bl&ots=88F7m_Otmg&sig=ACfU3U2U2cjoSDIoXpbTl_LBPRxuNwWUTg&hl=en&sa=X&ved=2ahUKEwizn9WH9tbkAhUthOAKHcsRDAIQ6AEwCHoECAkQAQ#v=onepage&q=frank%20petito%20morgan%20stanley%20advisory&f=false"
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              "type": "sourcecredit",
              "content": {
                "headline": "Blue Blood & Mutiny: The Fight for the Soul of Morgan Stanley",
                "source": "Patricia Beard. Harper Collins. 2007.",
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              "type": "sourcecredit",
              "content": {
                "headline": "The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance",
                "source": "Ron Chernow. Atlantic Monthly Press. 1990.",
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          "headline": "Due Diligence: Helping a Client With a Hostile Acquisition",
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                "text": "<p>In the summer of 1974, the International Nickel Company of Canada, better known as Inco, decided to expand into the battery business by buying Philadelphia’s ESB Inc., the world’s largest maker of batteries. With rising gas prices and shortages amid an oil embargo, Inco’s leaders felt the future was looking brighter for electric cars – and the nickel needed to operate them. The synergies and the diversification made sense. There was one problem: ESB didn’t want to be bought. So Inco turned to its longtime banker, Morgan Stanley, to get the deal done.</p>\r\n<p>Brad Evans, who had joined the firm straight from business school in 1970, recalls the unease created by Inco’s request. Within the fledgling mergers and acquisitions division, bankers typically focused on working out factors like fit, price and value. According to Evans, helping a client pursue a hostile acquisition was not part of the script.</p>\r\n<p>Morgan Stanley’s new M&amp;A department, headed by Robert Greenhill, took on the challenge after much internal debate. Acting as dealer-manager for Inco, the bank helped its longtime client arrange an initial bid of $28 a share. United Aircraft soon joined in on the bidding, as ESB filed an antitrust action to prevent the deal from going through. In the end, after high-profile wrangling, Inco acquired ESB in August of 1974.</p>\r\n<p>What shocked the financial world was the fact that Morgan Stanley represented the aggressor. Richard Sylla, an economics professor at New York University, points out that banks were adapting to a growing slate of demands from clients trying to thrive in a new environment.</p>\r\n",
                "order_id": 1
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Oil Embargo, 1973-1974",
                "source": "Office of the Historian. Foreign Service Institute, United States Department of State.",
                "source_url": "https://history.state.gov/milestones/1969-1976/oil-embargo"
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              "type": "sourcecredit",
              "content": {
                "headline": "CANNIBALS AT WORK",
                "source": "The New York Times. May 10, 1987.",
                "source_url": "https://www.nytimes.com/1987/05/10/books/cannibals-at-work.html"
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              "type": "sourcecredit",
              "content": {
                "headline": "Market Place; Aiding Hostile Takeover Bids",
                "source": "The New York Times. December 28, 1981.",
                "source_url": "https://www.nytimes.com/1981/12/28/business/market-place-aiding-hostile-takeover-bids.html"
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          "type": "storyname",
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          "headline": "The Troubled Asset Relief Program Stabilizes Markets",
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          "episode-name": "a-culture-driven-strategy",
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                "text": "<p>On Sept. 28, 2008, the Dow Jones industrial average fell more than 777 points. Five days later, Congress passed the Troubled Asset Relief Program (TARP) as part of the Emergency Economic Stabilization Act of 2008. The program allowed the U.S. Department of Treasury to buy or insure mortgage-backed securities that risked crippling the institutions that held them. Initially capped at $700 billion—&nbsp; which was later reduced to $475 billion under subsequent legislation — the main goals of TARP were to restore confidence in the U.S. financial system, stimulate lending and help companies and homeowners withstand the fallout of the subprime mortgage crisis.</p>\r\n",
                "order_id": 1
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                "text": "<p>The banking sector was the largest recipient of funding under TARP, which grew to include five main initiatives aimed at stabilizing the industry:</p>\r\n<p>1. An asset guarantee program.</p>\r\n<p>2. Capital purchases.</p>\r\n<p>3. Capital assistance administered via “stress tests” of the country’s 19 largest banks.</p>\r\n<p>4. Funding to help Community Development Financial Institutions assist underserved communities during the crisis.</p>\r\n<p>5. Targeted investments in systemically important financial institutions.&nbsp;</p>\r\n<p>Morgan Stanley received $10 billion in funding under TARP, along with emergency short-term loans. In June 2009, the firm repaid the TARP funds with interest after demonstrating that it had raised sufficient capital to pass the Treasury’s stress test. As then co-president James Gorman told Bloomberg News: “Clearly, it is in the long-term public interest for these companies to be free and independent of the government.”</p>\r\n<p>Ultimately, the program returned a profit to U.S. taxpayers and helped set the foundation for a more stable and sustainable financial system. Chief Financial Officer Jonathan Pruzan, who was co-head of the North American Financial Institutions Group at the time, notes that that TARP was part of a larger initiative to reduce risk and restore confidence in the financial markets.</p>\r\n<p>James Gorman, for one, believes that TARP and many of the regulatory shifts that followed helped create a more sustainable mindset and path to growth.</p>\r\n<p>“I would never want to return to the pre-crisis world,” he says. “The investment banking model was not up to a deregulated world. They were too thinly capitalized. Crisis or no crisis, regulatory change or no regulatory change, the management team here was committed to making sure we never experienced that again. And that meant we had to undertake fundamental change, not small change. We had to have a 10 to 20-year vision for this industry and Morgan Stanley’s role in it.”</p>\r\n",
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              "content": {
                "headline": "TARP brief",
                "source": "US Department of Treasury.",
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              "content": {
                "headline": "Morgan Stanley Press Release",
                "source": "Morgan Stanley. July 17, 2009.",
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              "content": {
                "headline": "Bloomberg News interview, Erik Schatzker with Gorman",
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          "headline": "Reorganizing for Growth and Opportunity: Morgan Stanley Incorporates",
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                "text": "<p>In 1970, Morgan Stanley returned to its roots by moving away from the shared ownership model of partnership to once again incorporate. Much like in 1941, when the firm switched from a corporation to a partnership, the motive for changing back was to position Morgan Stanley for new opportunities and growth. A major catalyst in both instances was the New York Stock Exchange: its restrictions on membership had prompted the move to partnership in 1941 and its decision in 1970 to relax those rules made it possible to switch back without sacrificing the right to trade on the exchange.</p>\r\n",
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                "text": "<p>By the 1970s, the rationale for incorporation was compelling. For the partners, it meant Morgan Stanley could expand into new markets and innovate on products without putting a lot of personal capital at risk. Incorporation would also give Morgan Stanley new options to raise the funds needed to build new technologies and businesses, including through an eventual public offer. The perils of being a thinly capitalized partnership had become all too obvious during the paperwork crisis of the late 1960s, when firms that couldn’t invest in automation to handle the escalating volume of trades simply collapsed or were forced to merge with former rivals.</p>\r\n",
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                "text": "<p>For Robert Baldwin, who was leading a push to modernize Morgan Stanley, incorporation was another way to streamline decision-making by creating a more defined leadership structure than the consensus-driven model of the 1960s.&nbsp; While a small private partnership could be collegial – “It left a lot of us to grow our enthusiasms,” said Fred Whittemore, then head of the syndicate department– it was inefficient and tough to scale.</p>\r\n<p>To Baldwin, the traditions of partnership came at a cost to clients, who needed Morgan Stanley to meet a wider array of financial needs . Frustrated by what he saw as a firm-wide reluctance to modernize, Baldwin left in 1965 to serve as Undersecretary of the Navy. He returned two years later to find a new generation of leaders voicing more support for change. Erskine Bowles, a Morgan Stanley board member who worked at the firm from 1969 to 1972, notes that the world was changing, too.</p>\r\n",
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              "content": {
                "headline": "The Remaking of Wall Street",
                "source": "Harvard Business Review. By Wyatt Wells, October 2, 2000. ",
                "source_url": "https://hbswk.hbs.edu/archive/the-remaking-of-wall-street-1967-to-1971"
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                "headline": "John Mack on the 2008 Financial Crisis",
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                  {
                    "answer": "Simple terms: We took too much risk, along with the rest of the Street. We didn't understand some of the structures and we didn't understand how much leverage that homeowners had put on. So when the collapse came, everything collapsed.",
                    "question": "You faced many hard choices during your career at Morgan Stanley. Some of the toughest probably came during the global financial crisis of September 2008. What happened to the firm when the housing market turned?",
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                    "answer": "We would have been next. So I brought the board in for the weekend because I didn’t know if we were going to make it. Our office in Tokyo said that Mitsubishi had an interest in doing something. We were waiting for them to come in so we could start negotiating. It was a Sunday in my office. We were watching a football game. The whole board was there. My assistant walked in and said, ‘Hank Paulson's on the phone. He wants to talk to you.’  We muted the football game. I went over the phone and Hank said, ‘I'm on here with Ben Bernanke and Tim Geithner. We want to talk to you.’  I wanted my board to hear the conversation, so I said, ‘Do you mind? I want to put my general counsel on the phone.’   Paulson said, ‘Sure.’  I hit the speaker button and they started a rundown: ‘You don't know how bad it is. This is what's going on. We cannot have Morgan Stanley in free fall. You need a partner.’  Geithner said, ‘I want you to call Jamie Dimon to buy the firm.’  I replied, ‘I called him four days ago and he does not want the firm. He said he was going to call you and tell you that.’  ‘Well, Dimon wants the firm now, so I want you to hang up and call him right now,’ Geithner said.  I responded, ‘Yeah, he wants the firm for $2 a share.’  Geithner said, ‘I don't care what he pays you for it. Do it.’  So I said, ‘I won't do it.’  Then I hung up on Geithner. It was gutsy. It was crazy.",
                    "question": "Lehman filed for bankruptcy in the early hours of September 15, setting off a global investor panic and credit freeze. Morgan Stanley reported a net profit of $1.43 billion a day later, but you knew that a falling stock price and increased write-downs put the firm’s future at risk. How did you plan to hold on?",
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                    "answer": "Lehman Brothers’ CEO Dick Fuld called me and said, ‘We need to talk. I need help. Is there any way we could do something together?’   That's when we had the media at my home in Rye, New York. We didn’t want to do anything with Lehman. Later, we were all called out to the Fed and we broke into groups. We were trying to figure out who could take these assets from Lehman and how we could keep this from being a house of cards that’s totally falling. It was impossible to get anything done. It was impossible to understand some of the risks.",
                    "question": "How did Lehman Brothers’ collapse affect Morgan Stanley?",
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                    "answer": "This is an email James Gorman sent me shortly after: God willing this goes through. I don't blow smoke. But you really did a great job this week. When you stood down Geithner, Bernanke and Paulson, that may have been the most valuable 10 minutes of your career. Frankly, it was a thrill for me to see it. You were right: This whole thing made no sense and you stuck to your guns. I learned more in those 10 minutes than any 12-month period of my career. It's a story that I will never forget or stop telling. Thank you - James.\"",
                    "question": "What was the reaction from Morgan Stanley leadership?",
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                    "answer": "I went to Japan and got to my hotel late. I got up in the morning and went to the gym to work out. Then I walked into the room with Mitsubishi and we spoke back and forth.  They said to me, ‘Mr. Mack, when we made this commitment of interest in buying the firm or putting money in the firm, your stock has traded between X and Y.’  And I don't remember where it was, but I said to myself, ‘Here comes the retrade. Clearly at a lower price.’  So they put it on the table and I said, ‘Look, I'm halfway around the world. If you will give me 48 hours, I'll call you.’  So I flew back to New York. I sat down with Paul Taubman, who is our M&A banker, and he said, ‘Look, John, if we change a little bit of the maturity and a few other things, it's kind of the same price. They get a little better deal. It's marginally worse for us. But this is the way I would do it.’  So I gave the alternative to Mitsubishi. And they said, ‘Out of respect for you, you choose.’  I don't know people like that. So I turned around to my management team and said, ‘What does that say about us?’  We would have taken the last penny off the table and it was unbelievable what they did. They were smart, and it all goes back to Morgan Stanley having a one-man office in Tokyo and bringing Japanese trainees to New York and working with them and building a relationship and a culture. That's what Hirano San remembered – and you can't plan that out. The issue in running a business or running a family – whatever it may be – is how do you treat people? And if you treat them fairly, you’ll more than likely always be pleased with the outcome. And we treated the Japanese with respect. And they returned it.",
                    "question": "The next morning you flew to Asia to solicit investors. As your board became increasingly concerned, you were rejected in China. What happened next with longtime partner Mitsubishi UFJ Financial Group and its CEO Nobuyuki Hirano in Japan?",
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                "headline": "Morgan Stanley at 85 2020 Documentary",
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              "content": {
                "headline": "John Mack on Saving Morgan Stanley",
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          "headline": "The 2008 Financial Crisis: Before Lehman Brothers, There Was Bear Stearns",
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                "text": "<p>The collapse of Bear Stearns in March of 2008 foreshadowed the bankruptcy of Lehman Brothers six months later, but it also differed from the crisis that followed in significant ways. Both banks had posted record profits by creating and investing in leveraged products tied to the housing boom and faced equally dramatic declines when the market turned. For Bear Stearns, the problems started with two hedge funds that bet big on collateralized debt obligations (CDOs) that derived much of their value from pooled mortgage-backed securities or the revenue of other CDOs. The bank had used short-term loans to increase leverage and magnify returns, and was using credit default swaps that could insure against credit risk-- or allow investors to bet on it.</p>\r\n<p>Author William Cohan notes that the Bear Stearns High-Grade Structured Credit Fund had racked up 40 months of gains, posting a 50% cumulative return prior to the crash with its newer Enhanced Leveraged Fund offering even more risk.</p>\r\n",
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                "text": "<p>As defaults rose among subprime mortgages, issued to people with low credit scores, the hedge funds rapidly lost value. By the summer of 2007, both funds were deemed to be essentially worthless and liquidated. By March of 2008, with foreclosures rising and the bank’s mortgage-backed securities downgraded to junk status, investors pulled out their money. Overnight lenders stopped accepting those assets as collateral and as things got worse, stopped lending to the bank. On March 13, the beleaguered bank didn’t have enough cash to open for business the following day. Instead of filing for bankruptcy, Bear Stearns was instead sold to J.P. Morgan through a deal brokered – and largely financed – by the New York Fed. The agreed price tag: $236 million or $2 a share, roughly 1% of Bear Stearns' market valuation 14 months earlier. As Morgan Stanley’s Tom Wipf, then a managing director, says, the crisis was one of confidence.</p>\r\n<p>If officials had calmed fears by helping Bear Stearns in March, they may have stoked them by rescuing Fannie Mae and Freddie Mac in September. When Treasury and housing officials put the two quasi-government mortgage finance giants into conservatorship and gave them a $200 billion lifeline with as they faced mounting subprime debts, the scale of the crisis was clear. The impending toll on banks was also clear. But the next time, there wouldn’t be a rescue.</p>\r\n",
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              "content": {
                "headline": "House of Cards: A Tale of Hubris and Wretched Excess on Wall Street",
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              "content": {
                "headline": "Inside the Bear Stearns Boiler Room",
                "source": "Fortune. March 4, 2009.",
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          "headline": "Morgan Stanley Transforms for a New Era",
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                "text": "<p>For more than three decades, Morgan Stanley’s mission was clear: to be the banker of choice for blue-chip clients looking to finance their needs by issuing stocks and bonds. Each partner cultivated a network of clients based on their unique knowledge of an industry, from its products to its players. The arrival of the 1970s brought not only geographic expansion but also new demands, regulations and opportunities for Morgan Stanley to expand its menu of offerings to clients.</p>\r\n<p>The launch of sales and trading; mergers and acquisitions; research; and private wealth management changed the business model and the type of talent that the firm recruited.</p>\r\n<p>After a landmark strategic planning meeting led by Robert Baldwin, the partners decided to expand into sales and trading in 1972. Up to that point, the firm had focused on underwriting securities designed to meet a client's needs. Pitching investment ideas and making money from trading was something others did. As Lewis Bernard puts it, paraphrasing Blanche Dubois, the aging southern belle in Tennessee Williams' &quot;A Streetcar Named Desire&quot;: “We relied upon the kindness of strangers to distribute our securities.”</p>\r\n<p>Sales and trading proved to be an immediate boon to Morgan Stanley's bottom line. Along with creating new revenue streams, the business brought a new style of banker into the firm -- one more accustomed to the sharp elbows of the trading floor than the collegial banter of corporate finance. For a rising generation of “young Turks,” as they were called, change couldn’t come fast enough. Newcomers like Brad Evans shared Baldwin’s view that the firm had to disrupt or die.</p>\r\n<p>During this period, Morgan Stanley also created one of the industry’s first dedicated mergers and acquisitions department and soon became one of the leading dealmakers. It even helped Canada’s International Nickel Company launch a hostile bid for battery maker ESB in 1974 — a shocking departure for a firm known more for friendly match-making than helping hostile aggressors. With the launch of an independent research department under Barton Biggs, the firm moved into the areas of prime brokerage, asset management, fixed income and private wealth management.</p>\r\n",
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                "text": "<p>Chairman Frank Petito pushed for the firm to grow well beyond Wall Street. As clients globalized their supply chains and moved into new markets, they needed an investment bank that could expand to meet their needs. International expansion, once viewed as a vanity move destined to lose money, became critical to the firm’s success. To Baldwin, the goal was to not just adapt to change but also to get ahead of it and help clients anticipate what would come next.</p>\r\n",
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                "headline": "Celebrating 75 Years of Morgan Stanley",
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              "content": {
                "headline": "The Heat’s on Morgan Stanley",
                "source": "The New York Times. By Leslie Wayne, March 21, 1982.",
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                "headline": "A Streetcar Named Desire",
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          "headline": "A Partnership in Paris: Eurobonds Woo Morgan Stanley to the City of Lights",
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                "text": "<p>In the 1950s and early 1960s, the partners of Morgan Stanley saw little need to expand abroad. Wall Street was the place to be: New York was the principal market not just for U.S. bond issues but also for foreign bond flotations, too. It was, after all, where many of the investors were.</p>\r\n<p>That dynamic started to change in the mid-1960s, when Washington made it more expensive for U.S. investors to buy foreign securities. The Interest Equalization Tax of 1963 imposed a tax of up to 15% on the price of foreign stocks and bonds purchased by Americans. That increased the cost of borrowing in the U.S., essentially ending New York’s dominance as a place for foreign companies to issue debt. Foreign companies needed a new way to issue bonds, and U.S. investors needed a new way to buy them. Thus, in 1963, the Eurobond was born. By 1966, the market had grown to $1 billion.</p>\r\n",
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                "text": "<p>At the same time, U.S. corporations faced growing restrictions on their ability to make foreign loans and transfer funds for investment abroad, which made Eurobonds an attractive source of financing for them, too. To compete for this business and help clients tap new investment and financing opportunities, Morgan Stanley needed a physical presence in Europe. One of the strongest advocates for going abroad was partner Frank Petito. Having helped land profitable business for the firm in Italy in 1966 — $600 million worth of loans through Banca d’Italia — Petito knew firsthand the potential of the market. </p>\r\n<p>In 1967, Morgan Stanley found an opportunity to establish a French subsidiary in Paris through Morgan Guaranty Trust, which sold two-thirds of its ownership in Morgan &amp; Cie., S.A. to the firm. Under the Trust Indentures Act of 1939, Morgan Guaranty Trust was not able to underwrite securities in Europe. But through the new Morgan &amp; Cie. International, Morgan Stanley would be able to help clients finance in various currencies throughout Europe.</p>\r\n<p>Richard A. Debs, who would later run the renamed Morgan Stanley International in 1976, said the 1967 joint venture had a limited but powerful mission: enabling clients to tap a vibrant new market for financing growth.</p>\r\n",
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              "content": {
                "headline": "A Celebration of the 75th Anniversary",
                "source": "Morgan Stanley. A Celebration of the 75th Anniversary. p. 15.",
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                "headline": "Congress, The Interest Equalization Tax of 1963",
                "source": "The Joint Committee on Taxation. June 29, 1964.",
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                "headline": "MORGAN STANLEY IN A PARIS DEAL",
                "source": "The New York Times. Sept. 20, 1975.",
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                "headline": "Brief Survey of the Eurobond Market.",
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                "text": "<p>It was hailed in <i>The New York Times</i> as a first-of-its-kind marriage, uniting a venerable Wall Street investment bank with a mortgage broker that could trace its roots back to 1912. Morgan Stanley’s acquisition of Brooks, Harvey &amp; Co. in 1969 enabled the firm to increase substantially its real estate financing and advisory business. The motive, according to partner Samuel B. Payne, was to deliver what he called “the totality of services needed to serve the broader interest developing in real estate investment.”</p>\r\n",
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                "text": "<p>Among other things, the deal allowed Morgan Stanley to offer its clients a chance to invest in large-scale real estate deals and provide a vehicle through which pension funds and other institutional investors could add such investments to their portfolios. The insights and market expertise of Brooks, Harvey would also let the firm better advise corporate clients on how to derive more value from their real estate holdings. Partners also anticipated bringing more foreign investment into the deals through Morgan Stanley’s nascent but growing global network.</p>\r\n<p>The new venture initially operated under the Brooks, Harvey name, in a nod to the broker’s reputation and prominent role in arranging financing for a number of New York skyscrapers, as well as high-profile projects such as the new Madison Square Garden complex and much of the Century City development in Los Angeles. Five partners from each firm would jointly control the new venture with equal control. Payne was named chairman of the combined entity, with Brooks, Harvey partner Nils A. Lundberg serving as president. Payne soon stepped aside to become Morgan Stanley’s first president after the firm incorporated in 1970.</p>\r\n<p>Leadership of the group then transferred to Bowen “Buzz” McCoy, a 6‐foot‐4½‐inch San Franciscan with degrees from Stanford and Harvard business school who would lead the firm’s real estate group for the next 13 years. His job, he said at the time, was “to infuse Morgan Stanley’s traditions and business practices into the real estate business.” In 1977, McCoy launched Morgan Stanley Realty, expanding on the Brooks, Harvey venture to offer a broader range of institutional real estate services.</p>\r\n",
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                "headline": "Realty Venture Set By Morgan Stanley And Brooks, Harvey; Morgan Stanley Sets Venture In Realty With Brooks, Harvey",
                "source": "The New York Times. By Glenn Fowler, Dec. 10, 1969.",
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                "headline": "Celebrating 75 Years of Morgan Stanley",
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                "headline": "The House of Morgan",
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          "headline": "A Model of Client Service: Morgan Stanley Partner Samuel Payne",
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                "text": "<p>Samuel Burton Payne joined Morgan Stanley in 1944, becoming a partner three years later. Along with being involved in a range of charitable activities, Payne was also a tree farmer and a breeder of registered Angus cattle.</p>\r\n<p>His willingness to help knew few bounds. When J. I. Case, a Wisconsin farm equipment manufacturer and longtime client, ran into financial difficulty in the early 1960s, Payne put his Wall Street career on hold to help. Then the head of Morgan Stanley's corporate finance department, Payne took a leave of absence to become chairman of Case. Commuting four days a week from New York to Racine, Wisconsin, Payne restructured Case’s finances, negotiated with its dozens of creditors and recruited Merritt D. Hill from Ford Motor Company’s tractor and implement division to come on as president. After years of back-to-back losses, Case reported a profit of $6.7 million in 1963, and Payne shifted his focus back to Morgan Stanley.</p>\r\n<p>In 1969, Payne moved Morgan Stanley into real estate financing with the acquisition of broker Brooks, Harvey &amp; Company. He took on the added responsibility of running the venture, in which control and decision-making was to be equally divided among the partners from each firm.</p>\r\n",
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                "text": "<p>In 1970, Payne once again felt a duty to serve. The firm’s partners moved to incorporate Morgan Stanley to set the stage for further expansion. As author Patricia Beard notes, many felt they had no choice.</p>\r\n<p>With a new corporate structure came new requirements to appoint officers to carry the responsibility of managing day-to-day operations. Although Payne was starting to wind down his career at Morgan Stanley, he agreed to serve as president in 1970. Payne continued to serve the firm he loved, staying on in an advisory role until his death in 1991.</p>\r\n",
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              "content": {
                "headline": "House of Morgan",
                "source": "Grove Press, Chernow, Ron. 1990, New York.",
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              "type": "sourcecredit",
              "content": {
                "headline": "Morgan Stanley-Celebrating 85 Years",
                "source": "The Documentary Group. March, 2020.",
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              "type": "sourcecredit",
              "content": {
                "headline": "Concern in West, Seeking J.I.",
                "source": "The New York Times, Times Machine. Case, by Clare M. Reckert, April 3 1964.",
                "source_url": "https://timesmachine.nytimes.com/timesmachine/1964/04/03/106951416.html?pageNumber=45"
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            {
              "type": "sourcecredit",
              "content": {
                "headline": "Memorial: Samuel Burton Payne",
                "source": "Princeton Alumni Weekly. May, 28 1991. ",
                "source_url": "https://paw.princeton.edu/memorial/samuel-burton-payne-%E2%80%9928"
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              "content": {
                "headline": "Samuel Payne, a Former President Of Morgan Stanley, Is Dead at 84",
                "source": "The New York Times. Glenn Fowler, May 8, 1991.",
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