Morgan Stanley enters the junk bond market
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In 1982, T. Boone Pickens enlisted Morgan Stanley to raid the Dallas-based General American Oil. “They were delighted to get the business,” recalled Pickens, “for GAO was not part of the establishment that Morgan caters to.”32 On January 6, 1983, Pickens signed a standstill agreement with GAO stipulating that he wouldn’t buy stock or try to gain control of the firm; it was bought the next day by Phillips Petroleum.
chapter: 33. Traders