Morgan Stanley board takes some criticism

Newsweek has this to say about Phil Purcell: "There's very little good you can say about Phil Purcell's eight years as chief executive of Morgan Stanley, the legendary investment bank. He was imperious, exiling anyone who dared say a word about what was wrong with the company or how he ran things." That's the standard take, but the writer also notes that there "is an even bigger culprit" for the Morgan debacle: The board. In the eyes of some, hiring John Mack would be a good step toward rehabilitation. And negotiations seem to be underway.

> Here's the Newsweek article.