BP

However, BP's image has been tarnished somewhat by its involvement with the controversial Baku-Tbilisi-Ceyhan pipeline, criticised for human rights abuses, environmental and safety concerns. External links for this section:. BP is committed to creating a network of hydrogen fuelling station in the state of California. Another former executive and Purcell loyalist received a golden parachute of $32 million, which was criticized by analysts as a waste of shareholders' money to "buy off" the former executive. In 2004, BP began marketing low-sulphur diesel fuel for industrial use. Purcell's exit package, in excess of $113 million, has caused some talk of a proxy battle, especially when seen in the context of several other senior executives' contracts which have recently come to light in the press. In March 2002 BP's chief executive, Lord Browne, declared in a speech that global warming was real and that urgent action was needed, saying that "Companies composed of highly skilled and trained people can't live in denial of mounting evidence gathered by hundreds of the most reputable scientists in the world.".[3] In 2005 BP was considering testing carbon sequestration in one of its North Sea oil fields, by pumping carbon dioxide into them (and thereby also increasing yields).[4]. What performance is meant is unclear since the main performance Morgan Stanley needs from its CEO (now Mack) is future strategy he never provided when CEO in the past.

In February 2002 BP's chief executive, Lord Browne, renounced the practice of corporate campaign contributions, noting: "That's why we've decided, as a global policy, that from now on we will make no political contributions from corporate funds anywhere in the world." [2]. Mack announced he does not want the $25 million per year guaranteed him in his rehiring, preferring instead to be paid based on performance. It has over 30 years experience operating in over 160 countries with manufacturing facilities in the U.S., Spain, India and Australia and has more than 2000 employees worldwide. Part of the ironic background of the dispute was a rift, long pre-dating the merger, between John Mack and the members of the dissident group when they were all working at the firm, which resulted in Mack's ascendancy at the expense of that of the eight dissidents. BP Solar had a 20% world market share in photovoltaic panels in 2004 when it had a capacity to produce 90 MW/year of panels. The current position of the eight dissident shareholders is not clear and can be assumed to be ambivalent. BP is a leading producer of solar panels since its purchase of Lucas Energy Systems in 1980 and Solarex (as part of its acquisition of Amoco) in 2000. It has been speculated that he will seek the return of some departed colleagues, potentially including Vikram Pandit and Perella, but the validity of such speculation remains to be seen.

This is intended to move BP away from the negative environmental image of most oil companies. Former President John Mack was chosen to succeed Purcell and his appointment was made official by the board of directors on June 30, 2005. Its new slogan, "Beyond Petroleum", was accompanied by the rebranding of its famous "Green Shield" logo in favour of the helios symbol (a green and yellow sunburst) to emphasise the company's focus on environmentally friendly fuels and alternative energy. A past head of fixed income, she has over 20 years of Wall street experience, but is relatively unknown outside of Morgan Stanley. In 2002 the company was renamed BP, with no meaning given to the letters. Zoe Cruz, former co-President and President as of July 11, 2005, was under consideration to take Purcell's place. BP America, the United States arm of BP, was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. The focus of Morgan Stanley has historically been on institutional clients.

[1]. Debate continues over Purcell's strategy of keeping the firm as a "financial supermarket" to all investors (both retail and institutional). The pressure in the units then reached unsustainable levels leading to the explosion. As of June 30, 2005 he was officially succeeded by John Mack in both capacities. BP has since accepted that its employees contributed to the accident by leaving octane for petrol unit unsupervised. Former CEO Purcell announced on June 13, 2005 that he will retire as CEO when a successor is found, but no later than March of 2006. Over 100 were injured, and 15 were confirmed dead, including employees of the Fluor Corporation as well as BP. However, his successor (see below) announced that the division would be kept with the firm.

It is the third largest refinery in the United States and one of the largest in the world, processing 433,000 barrels of crude oil per day and accounting for 3% of that nation's gasoline supply. Purcell had announced plans to spin off the Discover Card division, a heavy earner for Morgan Stanley, as steadily hiking fees have increased profits while the number of card holders has remained the same.
On March 23, 2005, an explosion occurred at a petroleum refinery in Texas City, Texas, that belonged to BP. (See New York Times article, May 13, 2005.). In 2000, British Petroleum also acquired Arco (Atlantic Richfield Co.) and Burmah Castrol plc. On May 12, 2005, dissidents announced a plan to split up Morgan Stanley into two firms: one retail (as former Dean Witter) and one institutional firm (as former Morgan Stanley), saying Purcell's plans to merge these two entities has not worked over the past eight years. However in some states, BP is selling Amoco-branded gasoline (while the name of the station itself is BP). At that time, Purcell retained support of the Morgan Stanley board, which some say he "packed".

Most Amoco gas stations in the United States are in the process of changing the look and name to BP. It was announced on April 13, 2005 that Perella was also leaving Morgan Stanley. British Petroleum merged with Amoco (Formerly Standard Oil of Indiana), in December 1998, becoming BPAmoco until 2002, when it was renamed BP, with no meaning given to the letters. Perella left Wasserella to join Morgan Stanley and managed the Investment Banking Division at Morgan Stanley for a time. John Browne, Lord Browne of Madingley, who had been on the board as managing director since 1991, was appointed group chief executive in 1995. (Perella joined Bruce Wasserstein to form the former "Wasserstein Perella" (aka "Wasserella") specialist firm dealing mainly in mergers and later sold to Dresdner Bank). In 1994, BP and Petroleos de Venezuela SA (PDVSA) began marketing Orimulsion®, a bitumen-based fuel. Key to the firm's future was Joe Perella, the head of investment banking and former head of M&A at CSFB (Credit Suisse First Boston).

In 1987, British Petroleum acquired Britoil and those shares of Standard Oil of Ohio (Sohio) not already owned. The dispute, which the eight former executives claim represents a groundswell within the company, concerns Phil Purcell's alleged neglect for Morgan Stanley's traditional and most profitable institutionally ingrained business, investment banking. 722-23). Three days later, on March 31, the so called “Group of Eight” published a full-page advertisement in the Wall Street Journal revealing their position. Under his chairmanship British Petroleum led the oil industry away from an era dominated by vertical integration and the supply planning this required toward a corporate culture that emphasised trading and decentralisation (Daniel Yergin, The Prize [Simon & Schuster, 1991], pp. On March 29, Purcell announced that he would be replacing then President Stephan Newhouse, a 26 year Morgan Stanley veteran and former Navy officer, with Zoe Cruz and Steve Crawford, two of Purcells most recognized supporters. Walters promoted a movement to deintegrate company operations based solely upon economic considerations: "For me, there is no strategy that is divorced from profitability," he once remarked. Parker Gilbert, who had been chairman of Morgan Stanley several years before the merger, and Robert Scott, who had been President under Purcell before being pushed out by Purcell, sent a letter to the Board on March 3, 2005, requesting immediate replacement of Purcell as CEO.

Walters (later Sir Peter Walters) was BP's chairman from 1981 to 1990. Concerned over lackluster performance, eight former senior Morgan Stanley executives, including S. P.I.
External links for this section:. In the mid-1970s, BP acquired Standard Oil of Ohio or Sohio. From a business ethics perspective, it is also questionable whether Morgan Stanley, in its analyst capacity, was responsible for or even capable of ensuring the accuracy of Sunbeam financial data, which is generally considered the responsibility of internal and external accounting faculties. Some natives contend that this was an illegal transfer. It should be noted that Morgan Stanley lost an estimated $300 million on the Sunbeam collapse, calling into serious question any alleged motive on the firm's part.

In 1969, BP acquired the Valdez oil terminal, Alaska, from the Chugach for $1. Morgan Stanley asserts many rulings in the trial were "unprecedented and highly prejudicial" (from a statement, see links below). Both of these fields came on stream in the mid-1970s transforming the company and allowing BP to weather the OPEC-induced oil price shocks of 1973 and 1979. Morgan Stanley has stated the decision will be appealed and is confident the decision will be overturned. From the late 1960s the company looked beyond the Middle East to the USA (Prudhoe Bay, Alaska) and the North Sea. This case was seen as a significant mishandling on the firm's part, particularly by the 'dissidents' (see Disputes section below), who claim it as further evidence of Purcell's poor management. However, due to a large investment programme outside Iran, the company survived the loss of its Iranian interests at that time. To that $604 million was added punitive damages by the jury for a total of compensatory and punitive damages of $1.450 billion.

BP continued to operate in Iran until the Islamic Revolution. On May 16, 2005, A Florida jury found that Morgan Stanley did in fact fail to give adequate information to Ronald Perelman about Sunbeam thereby defrauding him and causing damages to him of $604 million. The AIOC became The British Petroleum Company in 1954, and briefly resumed operations in Iran with a forty per cent share in an new international consortium. On January 12, 2005, The New York Stock Exchange imposed a $19 million fine on Morgan Stanley for alleged regulatory and supervisory lapses. On August 19, 1953, the incumbent Prime Minister, Mohammed Mossadeq, was forced from office and replaced by Zahedi and the Shah was recalled. On July 12, 2004, Morgan Stanley settled a sex discrimination suit brought by the Equal Employment Opportunity Commission for $54 million. They installed pro-Western General Fazlollah Zahedi as prime minister of Iran. In criminal activity in the US similar to that alleged in the UK, Morgan Stanley was fined $125 million.

However the governments of Britain and the US were concerned about the encroachment of Soviet influence in the area and assisted in a plot against the Iranian administration. Misleading financial analysis was disclosed amongst investment banks in the United Kingdom, but the FSA Financial Services Authority, decided not to intervene. The AIOC took its case against the nationalisation to the International Court of Justice at The Hague, but lost the case.
External links for this section:. In March 1951, the pro-western Prime Minister Ali Razmara was assassinated and in April, a bill was passed nationalising the oil industry and the AIOC and the Shah were forced to leave the country. However, CEO John Mack announced on August 17, 2005 that Discover would be kept a part of the company. Following the turmoil of World War II, AIOC and the Iranian government resisted nationalist pressure to come to a renewed deal in 1949. It was announced in Q2 2005 that the Discover credit card unit would be spun off within the year, and remains likely even after the announcement of Purcell's retirement.

Persia was renamed Iran in 1936 and APOC became AIOC, the Anglo-Iranian Oil Company. Morgan Stanley comprises four main business units:. The concession was resettled within a year, covering a reduced area with an increase in the Persian government's share of profits. To foster brand recognition and marketing the Dean Witter name was unofficially dropped and the firm became "Morgan Stanley". In 1932, the Shah terminated the APOC concession. The merged company was briefly known as "Morgan Stanley Dean Witter Discover & Co." until 1998 when it was known as "Morgan Stanley Dean Witter & Co." until late 2001. There was growing dissent within Persia however at the imperialist and unfair position that APOC occupied. Dean Witter Reynolds) the spun-off financial services business of Sears Roebuck.

In 1931, partly in response to the difficult economic conditions of the times, BP merged their marketing operations in the United Kingdom (only) with those of Shell-Mex Ltd to create Shell-Mex and BP Ltd a company that continued to trade until the Shell and BP brands separated again in 1975. (a.k.a. but its main concern was still Persia, following the Anglo-Persian Agreement of 1919 the company continued to trade profitably in that country. On February 5, 1997, the company merged with Dean Witter, Discover & Co. After the war ended the company, in which the British Government now had a 51% interest, moved to secure outlets in Europe and elsewhere. In 1996, Morgan Stanley acquired Van Kampen American Capital (website), a respected mutual fund company. In 1917, the war allowed it to take the British arm of the German Europäische Union, which used the trade name British Petroleum. becomes publicly listed.

The company grew slowly until World War I when its strategic importance led the British Government to acquire a controlling interest in the company and it became the Royal Navy's chief source of fuel oil during World War I. In 1986 Morgan Stanley Group, Inc. In 1909, the Anglo-Persian Oil Company was created to exploit this find. By 1971 the Mergers & Acquisitions business was established along with Sales & Trading. This was the first commercially significant find in the Middle East. In 1964 Morgan Stanley creates the first computer model for financial analysis. In May 1901, William Knox D'Arcy was granted a concession by the Shah of Persia to search for oil, which he found in May 1908. Within its first year it achieved 24% of market share among public offerings.

. This split of the commercial and investment banks came as a result of the Glass-Steagall Act. BP is the leading partner in the controversial Baku-Tbilisi-Ceyhan pipeline. along with others from Drexel & Co. Its BP Solar division has become a world-leading producer of solar panels. Morgan & Co. The newly-renamed "BP" became an initialism no longer standing for "British Petroleum", and used the tagline "Beyond Petroleum" in advertising campaigns (this perhaps to disguise the company's foreign ownership after its extensive acquisitions and increased presence in the United States, as British Aerospace became "BAE Systems" for similar reasons). P.

Indeed, after a single year of joint operations, the two giants merged most operations and "Amoco" was dropped from the name. Morgan, and Harold Stanley of J. However, this move was widely viewed as a purchase of Amoco by BP, only officially described as a merger for legal reasons. Morgan Stanley was founded in New York on September 5, 1935, by Henry S. In December 1998, BP merged with the American Oil Company (Amoco), forming "BP Amoco". (See 2004 Annual Report (pdf)). BP (formerly "British Petroleum" and briefly known as "BP Amoco") LSE: BP, NYSE: BP is a petroleum company headquartered in London, and one of the top four oil companies in the world (along with Shell, ExxonMobil, and Total). The company considers its brand name and reputation as a longtime leading financial firm among its most valuable assets.

Despite offering such a diverse array of services, Morgan Stanley is an industry leader in many areas, particularly equity and debt underwriting and investment banking. A partial list of these products and services includes:. Morgan Stanley is a large global financial services firm, offering a wide variety of products and services. .

Morgan Stanley NYSE: MWD is an investment bank, retail broker, and credit card provider based in New York. "Group of Eight" Homepage. John Mack Elected Chairman and CEO of Morgan Stanley. Morgan Stanley CEO surrenders.

Morgan Stanley Will Fight to Have Sunbeam Verdict Overturned. Morgan Stanley's Comeuppance (registration required). A Jury Assesses Morgan Stanley $604 Million (registration required). Morgan Stanley returns staff to lower Manhattan.

Quick facts. "Visionaries honored with Red Hat Summit Awards". In June 2005, the company announced it would return 2,300 workers to lower Manhattan, marking the largest return of jobs since the attacks. Morgan Stanley was the largest employer in the World Trade Center prior to the events of September 11, 2001.

As of June 2005, the firm's market capitalization was around $58.5 billion. Morgan Stanley was a principal underwriter of the 2004 Google IPO. Its IT department has also received accolades from the open source community for its continual work in commercial proliferation and improvement of OSS, including such projects as the A+ programming language and a computing architecture which led to the Stateless Linux project for Fedora Core. Morgan Stanley is considered the industry leader in information technology, with an IT budget rivaling the operating budget of many medium and large software companies.

Morgan Stanley had 53,718 total employees worldwide as of February 28, 2005. In 2004, Morgan Stanley held the #1 industry rank for the following categories: Global Equity and Equity-Related Underwriting Market Share, Global IPO Market Share, and Global Equity Trading Market Share. Morgan Stanley reported net revenues of $23.8 billion in 2004. Morgan Stanley is an industry leader in underwriting Initial public offerings of stock worldwide.

He announced his retirement on June 13, 2005 (see "Recent disputes (2005)"), and John Mack was ultimately named his successor. Purcell, who headed Dean Witter Discover, was Chairman and CEO since the merger until June 30, 2005. Former Chairman and CEO: Philip J. Hispanic magazine selected Morgan Stanley as one of the "100 Companies Providing the Most Opportunities to Hispanics" in February 2004.

Asian Enterprise magazine named Morgan Stanley as one of the "Top Companies for Asian Americans" in April 2004. Essence magazine named Morgan Stanley as one of the "30 Great Places to Work" in May 2004. Family Digest magazine named Morgan Stanley one of the "Best Companies for African Americans" in June 2004. Morgan Stanley was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.

Credit Services. Investment Management. Individual Investor Group. Institutional Securities.

Alternative investments such as hedge funds, managed futures, and real estate. Traditional investments such as mutual funds and separately managed accounts. Individual investor services such as credit (see also: Discover Card), private wealth management, and financial and estate planning. Research services.

Institutional sales and trading, including both equity and fixed income investments. Investment banking services such as advising, securities underwriting.