For a bank that has the reputation of handing out excellent advice, Morgan Stanley has made a sorry mess of controlling its own destiny. The combined intellect of the managing directors may be awesome, but nothing can disguise the fact that the group has been running around in circles for three years.

When big decisions were required and Morgan Stanley was crying out for a new direction, the managing directors simply buried their heads in the sand. The continuation of their comfortable life seemed to be better than confrontation.