Money Talks Louder Than Words.

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Author: Weinberg, NeilBarrett, William P.

Section: Informer

Money Talks Louder Than Words

While Morgan Stanley head Philip J. Purcell fights for his job, his firm's 10-K filing spends six pages describing its four business segments--and ten pages listing legal proceedings enmeshing them. The roster includes allegations of fee-rigging and coercion on public offerings, tainted research, sleazy mutual fund and variable annuity sales practices, electricity-price manipulation, assisting misrepresentation of client financials and even shenanigans from a ten-year-old Indonesian bond deal. Morgan admits no wrongdoing but over time has paid out hundreds of millions in settlements.

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By Neil Weinberg and William P. Barrett

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