Morgan Stanley Apologizes for Inviting Clinton to Speak
After receiving hundreds of complaints from clients last week, the investment house Morgan Stanley Dean Witter has apologized for inviting disgraced ex-president Bill Clinton to speak before a Florida gathering Monday night.
In an e-mail message sent Thursday and Friday to investors who had complained, Morgan Stanley chairman Phillip J. Purcell wrote:
"I fully understand why you are upset that former President Clinton spoke at one of our conferences.
"We clearly made a mistake. First, the decision did not receive the proper review within the firm. And second, we should have been far more sensitive to the strong feelings of our clients over Mr. Clinton's personal behavior as President.
"In the past, we have heard from Presidents Reagan and Bush at our conferences, as well as other public figures across a broad political spectrum, and we have paid them speaking fees similar to what we paid Mr. Clinton.
"But in this case, we should have thought twice before the speaking invitation was extended. Our failure to do so was particularly unfortunate in light of Mr. Clinton's actions in leaving the White House.
"Again, thank you for sharing your comments with us."
February 11, 2001 Single-Page Format
Morgan Stanley Says It 'Clearly Made a Mistake' by Inviting Clinton to Speak
...Morgan Stanley's decision to criticize itself for arranging the speech could have a serious impact on Mr. Clinton's post-White House income if other large investment firms and corporations feared that they, too, could face criticism from their clients by paying Mr. Clinton to speak.
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