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Walter Mondale

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Walter Frederick "Fritz" Mondale (born January 5, 1928 in Ceylon, Minnesota) is an American politician and member of the Democratic-Farmer-Labor Party. He was the 42nd US Vice President (1977-1981) under President Jimmy Carter. He was also a two-term US Senator from Minnesota and the Democratic Party nominee for president in 1984 against the incumbent, Republican Ronald W. Reagan, who was reelected in a landslide when Mondale carried only his home state of Minnesota and the District of Columbia.

Early life

Mondale was born in Ceylon, Minnesota, the son of a Methodist minister. His half-brother was the Unitarian minister Lester Mondale. He was educated at Macalester College in St. Paul and the University of Minnesota, graduating in 1951. He then served two years at Fort Knox, in the U.S. Army during the Korean War. He graduated with a law degree from the University of Minnesota Law School in 1956 and began to practice law in Minneapolis.

Entry into politics and U.S. Senator

He managed the re-election campaign of Gov. Orville Freeman, who in return in 1960 appointed Mondale the state's attorney general. He spent two terms as attorney general. When Hubert H. Humphrey II was elected vice president in 1964, Mondale was appointed to Humphrey's seat in the Senate. Mondale was elected to the seat in 1966 and re-elected in 1972.

Mondale gained public notice for his role in the Apollo 1 investigation. He attempted to show that NASA was dangerous and a waste of taxpayer money. His ultimate goal was that this money should be directed into social services. Many people came away from the experience with the belief that Mondale was on a witch-hunt.

42nd Vice President

When Jimmy Carter won the Democratic nomination for president in 1976, he chose Mondale as his running mate. Mondale was inaugurated as vice president on 20 January 1977. He was the first vice president to reside at the official vice presidential residence, Number One Observatory Circle. Carter and Mondale were renominated at the 1980 Democratic National Convention, but lost to Ronald W. Reagan and George H. W. Bush. (See U.S. presidential election, 1976, U.S. presidential election, 1980.)

Presidential nominee of 1984

After a brief return to the practice of law, Mondale won the Democratic presidential nomination in the 1984 election. He chose U.S. Rep. Geraldine A. Ferraro of New York as his running mate, making her the first woman nominated for that position by a major party. Mondale ran a liberal campaign, supporting a nuclear freeze and the Equal Rights Amendment (ERA). He spoke against what he considered to be unfairness in Reagan's economic policies and the need to reduce federal budget deficits.

Mondale shakes hands with Ronald Reagan before a debate in 1984.

When he made his acceptance speech at the Democratic Convention, Mondale said: "Let's tell the truth. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did." Although he intended this to demonstrate that he was honest while Reagan was hypocritical, it was widely remembered as simply a campaign pledge to raise taxes, and it hurt him in the end. In 1986, Reagan did sign into law a bill that raised taxes for corporations, but at the same time cut taxes further for individual taxpayers.

In the 1984 election, Mondale was defeated in a massive landslide, winning only the District of Columbia and his home state of Minnesota, thus securing only 13 electoral votes to Reagan's 525. Mondale's defeat was the worst for any Democratic Party candidate in history, and the worst for any major-party candidate since Alf Landon's loss to Roosevelt in 1936.

Private citizen and ambassador

Following the election, Mondale returned again to private law practice, with Dorsey & Whitney in Minnesota in 1987. From 1986 to 1993, Mondale was chairman of the National Democratic Institute for International Affairs.

Under the presidency of Bill Clinton, he was ambassador to Japan from 1993 to 1996, chaired a bipartisan group to study campaign finance reform, and was Clinton's representative in Indonesia in 1998.

2002 election

Mondale talks during a debate with Norm Coleman in 2002.

In 2002, Democratic US Senator Paul Wellstone of Minnesota, who was running for re-election, died in a plane crash just 11 days before the Nov. 5 election. Mondale, at age 74, replaced Wellstone on the ballot, but narrowly lost the election to the conservative Republican opponent Norm Coleman. Upon conceding the election, Mondale said, "At the end of what will be my last campaign, I want to say to Minnesota, you always treated me well, you always listened to me". Mondale finished with 1,067,246 votes (47.34%) to Coleman's 1,116,697 (49.53%) out of 2,254,639 votes cast. Mondale set a political record of sorts as a result of this loss, becoming the only major party candidate in U.S. history to lose statewide elections in all 50 states (having won only Minnesota in the 1984 election).

Norwegian ancestry

Mondale has always maintained strong ties to his ancestral Norway. Coincidentally, when he entered the Senate in 1964 he took over the seat of vice president Hubert Humphrey, another Norwegian-American. In later years Mondale has served on the executive committee of the Peace Prize Forum, an annual conference co-sponsored by the Norwegian Nobel Institute and five Midwestern colleges of Norwegian heritage. In connection with Norway's Centennial Celebration in 2005, he chairs the committee to promote and develop cultural activities between Norway and Norwegian-American organizations. During the 1984 Presidential election he was even nicknamed "Norwegian wood", a play on the Beatles song, his ancestory and his appearance.

Mondale's 45 year old daughter, Eleanor, is a television personality, who is currently battling brain cancer.


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Mondale's 45 year old daughter, Eleanor, is a television personality, who is currently battling brain cancer. External links for this section:. During the 1984 Presidential election he was even nicknamed "Norwegian wood", a play on the Beatles song, his ancestory and his appearance. 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 connection with Norway's Centennial Celebration in 2005, he chairs the committee to promote and develop cultural activities between Norway and Norwegian-American organizations. 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 later years Mondale has served on the executive committee of the Peace Prize Forum, an annual conference co-sponsored by the Norwegian Nobel Institute and five Midwestern colleges of Norwegian heritage. 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.

Coincidentally, when he entered the Senate in 1964 he took over the seat of vice president Hubert Humphrey, another Norwegian-American. Mack announced he does not want the $25 million per year guaranteed him in his rehiring, preferring instead to be paid based on performance. Mondale has always maintained strong ties to his ancestral Norway. 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. history to lose statewide elections in all 50 states (having won only Minnesota in the 1984 election). The current position of the eight dissident shareholders is not clear and can be assumed to be ambivalent. Mondale set a political record of sorts as a result of this loss, becoming the only major party candidate in U.S. 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.

Mondale finished with 1,067,246 votes (47.34%) to Coleman's 1,116,697 (49.53%) out of 2,254,639 votes cast. Former President John Mack was chosen to succeed Purcell and his appointment was made official by the board of directors on June 30, 2005. Upon conceding the election, Mondale said, "At the end of what will be my last campaign, I want to say to Minnesota, you always treated me well, you always listened to me". A past head of fixed income, she has over 20 years of Wall street experience, but is relatively unknown outside of Morgan Stanley. Mondale, at age 74, replaced Wellstone on the ballot, but narrowly lost the election to the conservative Republican opponent Norm Coleman. Zoe Cruz, former co-President and President as of July 11, 2005, was under consideration to take Purcell's place. 5 election. The focus of Morgan Stanley has historically been on institutional clients.

In 2002, Democratic US Senator Paul Wellstone of Minnesota, who was running for re-election, died in a plane crash just 11 days before the Nov. Debate continues over Purcell's strategy of keeping the firm as a "financial supermarket" to all investors (both retail and institutional). Under the presidency of Bill Clinton, he was ambassador to Japan from 1993 to 1996, chaired a bipartisan group to study campaign finance reform, and was Clinton's representative in Indonesia in 1998. As of June 30, 2005 he was officially succeeded by John Mack in both capacities. From 1986 to 1993, Mondale was chairman of the National Democratic Institute for International Affairs. 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. Following the election, Mondale returned again to private law practice, with Dorsey & Whitney in Minnesota in 1987. However, his successor (see below) announced that the division would be kept with the firm.

Mondale's defeat was the worst for any Democratic Party candidate in history, and the worst for any major-party candidate since Alf Landon's loss to Roosevelt in 1936. 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. In the 1984 election, Mondale was defeated in a massive landslide, winning only the District of Columbia and his home state of Minnesota, thus securing only 13 electoral votes to Reagan's 525. (See New York Times article, May 13, 2005.). In 1986, Reagan did sign into law a bill that raised taxes for corporations, but at the same time cut taxes further for individual taxpayers. 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. I just did." Although he intended this to demonstrate that he was honest while Reagan was hypocritical, it was widely remembered as simply a campaign pledge to raise taxes, and it hurt him in the end. At that time, Purcell retained support of the Morgan Stanley board, which some say he "packed".

He won't tell you. It was announced on April 13, 2005 that Perella was also leaving Morgan Stanley. Reagan will raise taxes, and so will I. Perella left Wasserella to join Morgan Stanley and managed the Investment Banking Division at Morgan Stanley for a time. Mr. (Perella joined Bruce Wasserstein to form the former "Wasserstein Perella" (aka "Wasserella") specialist firm dealing mainly in mergers and later sold to Dresdner Bank). When he made his acceptance speech at the Democratic Convention, Mondale said: "Let's tell the truth. 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).

He spoke against what he considered to be unfairness in Reagan's economic policies and the need to reduce federal budget deficits. 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. Mondale ran a liberal campaign, supporting a nuclear freeze and the Equal Rights Amendment (ERA). 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. Ferraro of New York as his running mate, making her the first woman nominated for that position by a major party. 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. Geraldine A. 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.

Rep. Concerned over lackluster performance, eight former senior Morgan Stanley executives, including S. He chose U.S.
External links for this section:. After a brief return to the practice of law, Mondale won the Democratic presidential nomination in the 1984 election. 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. presidential election, 1980.). 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.

presidential election, 1976, U.S. Morgan Stanley asserts many rulings in the trial were "unprecedented and highly prejudicial" (from a statement, see links below). (See U.S. Morgan Stanley has stated the decision will be appealed and is confident the decision will be overturned. Bush. 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. W. To that $604 million was added punitive damages by the jury for a total of compensatory and punitive damages of $1.450 billion.

Reagan and George H. 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. Carter and Mondale were renominated at the 1980 Democratic National Convention, but lost to Ronald W. On January 12, 2005, The New York Stock Exchange imposed a $19 million fine on Morgan Stanley for alleged regulatory and supervisory lapses. He was the first vice president to reside at the official vice presidential residence, Number One Observatory Circle. On July 12, 2004, Morgan Stanley settled a sex discrimination suit brought by the Equal Employment Opportunity Commission for $54 million. Mondale was inaugurated as vice president on 20 January 1977. In criminal activity in the US similar to that alleged in the UK, Morgan Stanley was fined $125 million.

When Jimmy Carter won the Democratic nomination for president in 1976, he chose Mondale as his running mate. Misleading financial analysis was disclosed amongst investment banks in the United Kingdom, but the FSA Financial Services Authority, decided not to intervene. Many people came away from the experience with the belief that Mondale was on a witch-hunt.
External links for this section:. His ultimate goal was that this money should be directed into social services. However, CEO John Mack announced on August 17, 2005 that Discover would be kept a part of the company. He attempted to show that NASA was dangerous and a waste of taxpayer money. 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.

Mondale gained public notice for his role in the Apollo 1 investigation. Morgan Stanley comprises four main business units:. Mondale was elected to the seat in 1966 and re-elected in 1972. To foster brand recognition and marketing the Dean Witter name was unofficially dropped and the firm became "Morgan Stanley". Humphrey II was elected vice president in 1964, Mondale was appointed to Humphrey's seat in the Senate. 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. When Hubert H. Dean Witter Reynolds) the spun-off financial services business of Sears Roebuck.

He spent two terms as attorney general. (a.k.a. Orville Freeman, who in return in 1960 appointed Mondale the state's attorney general. On February 5, 1997, the company merged with Dean Witter, Discover & Co. He managed the re-election campaign of Gov. In 1996, Morgan Stanley acquired Van Kampen American Capital (website), a respected mutual fund company. He graduated with a law degree from the University of Minnesota Law School in 1956 and began to practice law in Minneapolis. becomes publicly listed.

Army during the Korean War. In 1986 Morgan Stanley Group, Inc. He then served two years at Fort Knox, in the U.S. By 1971 the Mergers & Acquisitions business was established along with Sales & Trading. Paul and the University of Minnesota, graduating in 1951. In 1964 Morgan Stanley creates the first computer model for financial analysis. He was educated at Macalester College in St. Within its first year it achieved 24% of market share among public offerings.

His half-brother was the Unitarian minister Lester Mondale. This split of the commercial and investment banks came as a result of the Glass-Steagall Act. Mondale was born in Ceylon, Minnesota, the son of a Methodist minister. along with others from Drexel & Co. . Morgan & Co. Reagan, who was reelected in a landslide when Mondale carried only his home state of Minnesota and the District of Columbia. P.

He was also a two-term US Senator from Minnesota and the Democratic Party nominee for president in 1984 against the incumbent, Republican Ronald W. Morgan, and Harold Stanley of J. He was the 42nd US Vice President (1977-1981) under President Jimmy Carter. Morgan Stanley was founded in New York on September 5, 1935, by Henry S. Walter Frederick "Fritz" Mondale (born January 5, 1928 in Ceylon, Minnesota) is an American politician and member of the Democratic-Farmer-Labor Party. (See 2004 Annual Report (pdf)). 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.

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