Editing Morgan Stanley (section)

===Early years (1935–1997)===
Morgan Stanley traces its roots to [[J.P. Morgan & Co.]] After the [[United States Congress|U.S. Congress]] passed the [[Glass–Steagall Act]] in 1933, it was no longer possible for a corporation to have investment banking and [[commercial banking]] businesses under a single holding entity.<ref>{{Cite web|url=https://www.businessinsider.com/the-history-of-jpmorgan-chase-2012-3|title=DUELS, BOMBINGS AND APPLE: The Incredible Story Behind The Creation Of JPMorgan Chase|last=Wile|first=Rob|website=Business Insider|access-date=April 27, 2020}}</ref><ref name=":4">{{Cite book|last=Bazoobandi|first=Sara|url=https://books.google.com/books?id=U75Fxg7UX-sC&q=Henry+S.+Morgan+and+Harold+Stanley%2C+left+J.P.+Morgan+&pg=PA67|title=The Political Economy of the Gulf Sovereign Wealth Funds: A Case Study of Iran, Kuwait, Saudi Arabia and the United Arab Emirates|date=2013|publisher=Routledge|isbn=978-0-415-52222-9|language=en}}</ref> J.P. Morgan & Co. chose the commercial banking business over the investment banking business. As a result, some of the employees of J.P. Morgan & Co., most notably [[Henry S. Morgan]] and [[Harold Stanley]], left J.P. Morgan & Co. and joined others from the Drexel partners to form Morgan Stanley.<ref name=":4" /> The firm formally opened its doors for business on September 16, 1935, at 2 [[Wall Street]], New York City, just down the street from J.P. Morgan.<ref>{{Cite book|last=Knee|first=Jonathan A.|url=https://books.google.com/books?id=uxkzcvxZTgQC&q=morgan+stanley+opened+the+doors+for+business+on+September+16%2C+1935&pg=PT114|title=The Accidental Investment Banker: Inside the Decade that Transformed Wall Street|date=August 15, 2006|publisher=Oxford University Press|isbn=978-0-19-992414-1|language=en}}</ref> The firm was involved with the distribution of 1938 US$100&nbsp;million (~${{Format price|{{Inflation|index=US-GDP|value=100000000|start_year=1938}}}} in {{Inflation/year|US-GDP}}) of [[debenture]]s for the [[United States Steel Corporation]] as the lead [[underwriter]].<ref>{{Cite book|last=Committee|first=United States Congress House Temporary National Economic|url=https://books.google.com/books?id=_TvO_P_vmfcC&q=morgan+stanley+steel+corporation+distribution+1938&pg=PA13006|title=Investigation of Concentration of Economic Power: Hearings Before the Temporary National Economic Committee ...|date=1939|publisher=U.S. Government Printing Office|language=en}}</ref> The firm also obtained the distinction of being the lead syndicate in the 1939 U.S. rail financing.{{Citation needed|date=April 2020}} The firm went through a reorganization in 1941 to allow for more activity in its securities business.{{Citation needed|date=April 2020}}

The firm was led by Perry Hall, the last founder to lead Morgan Stanley, from 1951 until 1961.<ref>{{Cite news|last=Saxon|first=Wolfgang|url=https://www.nytimes.com/1992/07/18/nyregion/perry-e-hall-founding-partner-of-morgan-stanley-is-dead-at-96.html|title=Perry E. Hall, Founding Partner Of Morgan Stanley, Is Dead at 96|date=July 18, 1992|work=The New York Times|access-date=April 27, 2020|language=en-US|issn=0362-4331}}</ref> During this period, the firm co-managed the World Bank's triple-A-rated bonds offering of 1952,<ref>{{Cite news|url=https://www.nytimes.com/1975/12/10/archives/world-bank-backin-us-debt-market-borrowing-up-big-offering-due.html|title=World Bank Back in U.S. Debt Market|date=December 10, 1975|work=The New York Times|access-date=April 27, 2020|language=en-US|issn=0362-4331}}</ref> as well as coming up with [[General Motors]]' US$300&nbsp;million debt issue,{{Citation needed|date=April 2020}} US$231&nbsp;million [[IBM]] stock offering,{{Citation needed|date=April 2020}} and the US$250&nbsp;million [[AT&T Corporation|AT&T's]] debt offering.{{Citation needed|date=April 2020}}

Morgan Stanley credits itself with having created the first viable computer model for financial analysis in 1962, thereby starting a new trend in the field of financial analysis. Future president and chairman Dick Fisher contributed to the computer model as a young employee, learning the [[Fortran]] and [[COBOL]] programming languages at [[IBM]].<ref>{{cite web|url=http://hbswk.hbs.edu/archive/2344.html|title=Alumni Awards 2001 - Dick Fisher|date=July 2, 2001|website=HBS.edu|access-date= September 3, 2014}}</ref> In 1967, it established the Morgan & Cie, International in Paris in an attempt to enter the European securities market.<ref>{{Cite book|last=Pak|first=Susie J.|url=https://books.google.com/books?id=d5EwvU7PgtgC&q=In+1967+Morgan+&pg=PA235|title=Gentlemen Bankers|date=June 1, 2013|publisher=Harvard University Press|isbn=978-0-674-07557-3|language=en}}</ref> The firm acquired Brooks, Harvey & Co., Inc. in 1967 and established a presence in the real estate business.<ref>{{Cite news|last=Bleakley|first=Fred R.|url=https://www.nytimes.com/1985/06/17/business/goldman-s-rise-in-real-estate.html|title=Goldman's Rise in Real Estate|date=June 17, 1985|work=The New York Times|access-date=April 27, 2020|language=en-US|issn=0362-4331}}</ref> The sales and trading business is believed to be the brainchild of Bob Baldwin.<ref>{{Cite book|last=Chernow|first=Ron|url=https://books.google.com/books?id=sgNUEqkgctEC&q=morgan+stanley+sales+and+trading+business+is+believed+to+be+from+Bob+Baldwin.&pg=PT542|title=The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance|date=January 19, 2010|publisher=Grove/Atlantic, Inc.|isbn=978-0-8021-9813-6|language=en}}</ref>

In 1996, Morgan Stanley acquired [[Van Kampen Investments|Van Kampen]] American Capital.<ref>{{Cite web|url=https://www.chicagotribune.com/news/ct-xpm-1996-06-22-9606220203-story.html|title=VAN KAMPEN NEARING SALE TO MORGAN STANLEY|last=Tribune|first=Chicago|website=chicagotribune.com|date=June 22, 1996 |language=en-US|access-date=April 27, 2020}}</ref>