Although Trustee Robert G. Scott ’68 did not get a mention in the lead article in the New York Times today, he must be a happy Eph indeed.

Philip J. Purcell, a Wall Street outsider whose leadership of Morgan Stanley has been marked by a series of legal clashes and bitter internal dissent, said yesterday that he would retire as soon as his successor was named.

The announcement yesterday ended an unorthodox public power struggle between Mr. Purcell, 61, and dissident former executives that laid bare deep divisions harking back to the 1997 merger of Dean Witter and Morgan Stanley and tore at the fabric of an investment bank that was originally part of the House of Morgan, the grandest name on Wall Street.

See previous EphBlog commentary here, here, here, here and here. There is no victory dance yet at the site set up by Scott’s group. They may want to see how the search for Purcell’s successor goes. They probably don’t like it that the search, before it even starts, is excluding them from consideration. There just aren’t that many people on Wall Street with a resume like Scott’s and an interest in the job. You can bet that the Alumni Development office is rooting for Scott to get the job. Another $20 million per year would help fund a bunch more Robert G. Scott ’68 professorships.

Congratulations to Scott on a hard-fought and surprising victory. The odds at Tradesport had been running 20-1 against just 2 days ago.

The opponents of anchor housing should take heart. The odds against them are no worse than the odds faced by Scott.

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