Monday, April 4, 2011

FAQ - FIN # 1: Why was Mr. Young unable to get a job after Morgan Stanley fired him?

Shortly after Mr. Young was surreptitiously included in a firm-wide downsizing, he had job offers from JPMorgan Chase and Goldman Sachs, which mysteriously disappeared. With a team of client executives who helped him create the IQ® franchise, he had offers to join Barclays Capital and Allied Capital -- and yet again those offers were withdrawn without explanation.

It was later learned Morgan Stanley was responsible, motivated to protect the IQ® franchise Mr. Young had created.  As perhaps prophetic justice, those principally responsible for these malicious actions (John Westerfield and Anthony ["Tony"] Tufariello) were later fired for having caused over $10 billion in residential sub-prime mortgage losses, which nearly ended Morgan Stanley as a going concern.

The third person involved in this scheme (Warren Friend) was eventually fired, and shortly upon arriving at Deutsche Bank, he was fired and the entire real estate advisory business he was hired to run was shut down, no doubt due to the realization that Mr. Friend's entire career was predicated on fraud.

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