Harold Stanley
Encyclopedia
Harold Stanley was an American
businessman and one of the founders of Morgan Stanley
in 1935. He ran Morgan Stanley until 1955.
Stanley was born in Great Barrington, Massachusetts, went to the Hotchkiss School
, and graduated from Yale University
in 1908. He was a member of the Skull and Bones
secret society.
He married Edith Thurston, daughter of William Harris Thurston, in 1914. She died in 1934, and he married Louise Todd, widow of Seymour Parker Gilbert
, in 1934. He had stepchildren, but no children from either of his marriages.
He became a vice-president of the bond department of the Guaranty Trust Company of New York in 1916, eventually spinning the division off into a separate and subsidiary securities company, the Guaranty Company, where he worked in cooperation with J. P. Morgan
, who invited Stanley to become a partner in his firm in 1927.
He made his name as a leader of the investment banking industry at J.P. Morgan, making the firm a strong player in securities offerings and especially the bond market, particularly after the Glass–Steagall Act separated commercial and investment banking. He helped found Morgan Stanley to take up the securities business that had to be given up by J. P. Morgan, and became the firm's senior partner when it was reorganized from a corporation to a partnership in 1941. Stanley was influential in his testimony in the 1940s successfully defending the industry against government charges that it was anti-competitive. He died in Philadelphia in 1963.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and one of the founders of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
in 1935. He ran Morgan Stanley until 1955.
Stanley was born in Great Barrington, Massachusetts, went to the Hotchkiss School
Hotchkiss School
The Hotchkiss School is an independent, coeducational American college preparatory boarding school located in Lakeville, Connecticut. Founded in 1891, the school enrolls students in grades 9 through 12 and a small number of postgraduates...
, and graduated from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
in 1908. He was a member of the Skull and Bones
Skull and Bones
Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....
secret society.
He married Edith Thurston, daughter of William Harris Thurston, in 1914. She died in 1934, and he married Louise Todd, widow of Seymour Parker Gilbert
Seymour Parker Gilbert
Seymour Parker Gilbert was an American lawyer, banker, politician and diplomat. He is chiefly known for being Agent General for Reparations to Germany, from October 1924 to May 1930. Afterwards, in 1931, he became an associate at J. P. Morgan. He died at age 45, from a heart attack. His son S...
, in 1934. He had stepchildren, but no children from either of his marriages.
He became a vice-president of the bond department of the Guaranty Trust Company of New York in 1916, eventually spinning the division off into a separate and subsidiary securities company, the Guaranty Company, where he worked in cooperation with J. P. Morgan
J. P. Morgan
John Pierpont Morgan was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric...
, who invited Stanley to become a partner in his firm in 1927.
He made his name as a leader of the investment banking industry at J.P. Morgan, making the firm a strong player in securities offerings and especially the bond market, particularly after the Glass–Steagall Act separated commercial and investment banking. He helped found Morgan Stanley to take up the securities business that had to be given up by J. P. Morgan, and became the firm's senior partner when it was reorganized from a corporation to a partnership in 1941. Stanley was influential in his testimony in the 1940s successfully defending the industry against government charges that it was anti-competitive. He died in Philadelphia in 1963.