Trustee Robert G. Scott is back from the tar pits.

On the surface, the open revolt by eight retired Morgan Stanley executives against the leadership of Philip J. Purcell seems to be a power struggle, pure and simple, over who should control that storied investment house. In a larger sense, however, the attempted putsch may represent the final death rattle of a Wall Street era personified by the well-born, Ivy League-educated investment bankers who formed the core of Morgan Stanley during its heyday in the 1970’s and 1980’s.

Titans of their day, their impeccable bloodlines and easy society manners . . .

Here at EphBlog, we are still working on that “easy society manners” stuff.

If it weren’t for the blasted distractions of anchor housing, EphBlog would have been following this saga much more closely. Scott is a generous benefactor of the College. As I have noted before, his successful career in finance provides many lessons for younger (and not so young anymore) Ephs.

The dispute here — Scott and his fellow Morgan Stanley dissidents think that Purcell is doing a poor job as CEO and want him out — is too archane to be of general interest. But all good Ephs should be rooting for Scott. Although his personal fortune is already well north of $100 million, it could only be good for the College if he were to get back on the Morgan Stanley gravy train by replacing Purcell as CEO. Although Scott might not earn the $20+ million per year that Purcell now pulls in, his salary would certainly be more than enough to fund a few more Robert G. Scott ‘68 professorships.

The Wall Street Journal reported yesterday that:

Shortly after Labor Day of 2003, Morgan Stanley Chief Executive Philip Purcell proposed a management change to Robert Scott, then president of the blue-chip securities firm.

Mr. Purcell wanted Mr. Scott to spend more time with clients. Mr. Scott agreed. But just before the next board meeting on Sept. 16, Mr. Scott was shocked to read material prepared for directors showing he would lose responsibility for the two businesses that reported to him.

After the meeting, Mr. Scott told Mr. Purcell he hadn’t meant to agree to those changes. At that point, a discussion of Mr. Scott’s options led swiftly — and brutally — to his forced resignation. Mr. Purcell told Mr. Scott that he could only conclude that there was “no place” for him, according to people familiar with the conversation. Mr. Purcell doesn’t dispute ousting Mr. Scott and believes he made the changes clear, a Purcell colleague says.

Great stuff. Time will tell whether or not Scott has the last laugh.