Anything Phil can do, John can do better

By the time he was pushed out of the top job at Morgan Stanley, Philip Purcell was widely regarded as a liability. His chief crime — the share price had been marooned at $40. After $9bn of writedowns, guess where the share price is today? Yet as David Rothnie writes, three years into his tenure, John Mack rules the roost, and there is no sign that he will have to pay the price for a failed strategy.