The House of Morgan - Part 3 Chapter 36 Skyscraper Summary & Analysis

Ron Chernow
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By 1989 Morgan Stanly occupies seventeen floors of the Exxon Building. Its major business is now takeovers and merchant banking. They hold first place in junk bonds after Milken's indictment. LBOs are now being used for hostile raids, as with Nabisco in 1988. As a result Nabisco is burdened with more debt than most small countries, over $20 billion. Morgan Stanley makes $25 million on the deal.

Morgan Stanley is also involved in another inside trading scandal. It hires Stephen Sui-Kwan Wang, Jr. who is assigned to mergers in 1987. Wang gives information to Taiwanese investor Fred Lee, who pays him $250,000. Lee makes $16.5 million in ten months. Morgan Stanley is not involved but is criticized by U.S. District Attorney Rudolph Giuliani for not have better procedures and controls in place. Wang receives a three years sentence in October 1988.

In London, Morgan Grenfell enters into securities...

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This section contains 420 words
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