For those still following the attempt of Williams Trustee Robert Scott ’68 to force out the CEO of Morgan Stanley, this Michael Lewis article is a must read.

I suppose there might be some shareholders who prefer not to know what’s going on inside their firm –shareholders who prefer not to consider the possibility that there’s anything wrong with the way Morgan Stanley has been run for the past few years. There may also be shareholders who believe that it doesn’t matter how badly Morgan Stanley is being run, so long as potential buyers of their shares don’t hear about it.

There may even be shareholders who take perverse pleasure in paying their chief executive officer $20 million or so a year without demanding anything in return, just as there are moviegoers who, when they see “Deliverance,” think how much fun it would be to be asked to squeal like a pig. After all, once you acknowledge the existence of masochism, you have to also consider that it might express itself financially.

But if I were so foolish as to remain on the Morgan Stanley board of directors and let Phil Purcell have his way with me, I think I would just now be squealing like a pig. And not in pleasure. Silence, like everything else, has its market price, and it’s trending up.

From limp-wristed to pig squealing. This story keeps getting better and better.

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