Euart Glendinning is an advisor to Editorial Intelligence and runs the Corporate Communications (Europe) side of things for Morgan Stanley, so he is the last person to ask: “what do Morgan Stanley do?” A ‘lot of work for charity’ will be the answer, and thus Glendinning is a member of ‘Community Links,’ who aim: “To tackle causes not symptoms, find solutions not palliatives.” Although the centralisation of wealth via multi-national capitalism is not on the agenda. The point of it all is: “To tackle the causes and consequences of social exclusion… by sharing the local experience with practitioners and policy makers nationwide.” Thus a huge multi-national bank becomes the voice of the poor, but it is this access to policy makers that must make us question the motivation here.
One must also ask Glendinning why such a group of capitalists are pretending to be putting back what they take out and waste so efficiently. Chair of the Community Links Leadership Group is Sir David Walker, a former Chairman of Morgan Stanley International Inc. (MSI) and the organisation is funded (£6m) by a range of venture capital organisations and merchant banks represented on the board. Walker’s role was Chairman of MSI with executive responsibility for the Firm’s activities in the Middle East and Africa. He began his career in 1961 with the Treasury (seconded to the IMF from 1969-73), becoming chief of the Economic Intelligence Department in 1977, before joining the Bank of England (other banking interests include Johnson Mathey).
No wonder there is such high levels of unemployment. Walker served as a non-executive board member of Reuters, Vice-Chairman of the Legal and General group, a member of the Group of Thirty and was Chairman of the London Investment Bankers’ Association. He is also British Co-Chairman of the British-Moroccan Business Council. Prior to joining MSI, Walker spent two years at Lloyds Bank. From 1988 to 1992, he was Chairman of the Securities and Investments Board, the British authority at that time ‘regulating’ the securities markets as it became de-regulated to such great effect. He was Chairman of the International Organisation of Securities Commissions (IOSCO) in 1991-92. He was also a non-executive board member of the former Electricity Generating Board which monopolised into National Power plc between 1984 and 1994. He is also a governor of the Henley Management College and the Council of Lloyd’s (and paradoxically the chairman of the Lloyd’s LMX spiral enquiry of 92 after the Lloyd’s reinsurance scam).
‘The money is neither here nor there — it’s in Switzerland’
With Corporate Community Engagement (CCE) the big banks try to replicate themselves and their values and gain places on government committees from which they lobby government, although they routinely argue the projects are run by local people—as if everybody lived in a commune. The projects tend to appear in areas which have been ravaged by the free market values espoused. Here ‘venture philanthropy’ and CCE replaces the rights of the individual with the trickle-down whims of the super-rich’s voodoo economics, who in this case are merely lending money. It is a distraction from high level moves which will have a more influencial impact on how people live at home and elsewhere:
“Responding to the global banks initiative, the IMF has called for concrete “steps to strengthen private sector involvement” in crisis management — what might be interpreted as a “power sharing arrangement” between the IMF and the global banks. The international banking community has also set up it own high level “Steering Committee on Emerging Markets Finance” integrated by some of the World’s most powerful financiers including William Rhodes, Vice Chairman of Citibank and Sir David Walker, Chairman of Morgan Stanley. The hidden agenda behind these various initiatives is to gradually transform the IMF — from its present status as an inter-governmental body — into a full fledged bureaucracy which more effectively serves the interests of the global banks. More importantly, the banks and speculators want access to the details of IMF negotiations with member governments which will enable them to carefully position their assaults in financial markets both prior and in the wake of an IMF bailout agreement. The global banks (pointing to the need for “transparency”) have called upon “the IMF to provide valuable insights [on its dealings with national governments] without revealing confidential information…”. But what they really want is privileged inside information.”
Glendinning is a fellow trustee of The Morgan Stanley International Foundation along with Amelia Fawcett.
“Since joining Morgan Stanley in London in 1987, Fawcett has helped guide the bank’s metamorphosis into a giant with annual revenues of around $4 billion. She has won friends and influence through her work outside the office. She helped shape the responsibilities of Britain’s new Financial Services Authority, has been an adviser on the Government’s ‘New Deal’ work for the unemployed and is deputy chairman of the National Employment Panel. A native of Massachusetts, on North America’s eastern seaboard, in the past she has commented that she comes from a family that “fundamentally believes in community service”.
One sees how captive, narrow and insidious this ‘debate’ is in the products of the Smith Institute Amelia Fawcet was also a member of the paid lobby front the Community Action Network (CAN) which masquarades as helping the poor much in the same way as Community Links. She joined this as a first step into influencing government with a view to pushing the privatisation/business control of New Labour agenda and openly aknowleged this:
CAN were part of a cabal of groups sharing an office and operating as one company ‘The Mezzanine.’ which included Peter Mandelson’s Think Tank, the Policy Network, Demos and the Foreign Policy Centre and others and she has followed Demos’ Geoff Mulgan onto the Young Foundation : indeed her New Labour networking has seen her going onto the court of the Bank of England. Fawcett moved onto Morgan Stanley while working for Sullivan &Cromwell (the legal firm started by the Dulles brothers, thought of as indistinguisable from the CIA).
Also part of The Mezzanine were TimeBank, founded by Jane Tewson (also of Comic Relief) who stated that:
“Community Links were fundamental to the development of TimeBank. Indeed they inspired and came up with the idea of people giving what they are passionate about as opposed to people giving their time because they feel it is their duty.”
A Lad in the City
While it might cover Morgan Stanley’s need to access inside information: the charity work does not extend far enough to cover everything, the routine scamming that typifies international speculation— here we see Glendinning’s role as a victim of poverty (of honesty) himself:
“Separately, Goldman and Morgan Stanley tentatively agreed to pay $40 million each to settle Securities and Exchange Commission allegations that they improperly awarded shares in companies carrying out initial public offerings between 1999 and 2000, the Wall Street Journal reported, citing people familiar with the talks. Euart Glendinning, a Morgan Stanley spokesman in London, and Simon Eaton, a Goldman spokesman in London, declined to comment.”
That’s such a common phrase from Glendinning he could feature in a silent movie — one wonders why they pay him. Could it just be he is entertaining and can dress up corporate deception. Lately Morgan Stanley, decided to go into ‘theater’ by sponsoring uber-thespian Kevin Spacey’s season as director of the Old Vic.
“Many sponsors look at sponsorship as an extended form of corporate entertaining,” said Euart Glendinning, managing director and head of international corporate communications. “We have a number of stakeholders — clients, employees, but also the community —and we’d like to make sponsorship work for all three categories.”
While Spacey flounced around emoting, a few Morgan Stanley executives were “initially reluctant, worried that theater would give them less scope than art to schmooze with clients”, according to the Old Vic’s marketing director Vivien Wallace.
Morgan Stanley’s unspecified contribution has allowed the privately funded Old Vic to fund the season and refurbish a rehearsal room (“The Morgan Stanley Room”) that the bank borrows for ‘entertaining’. Dinners are held with Spacey there to welcome guests. With the scent of greasepaint in their nostrils (and probably more than that) things got a bit carried away:
“Last January, Morgan Stanley employees put on a play, “A Lad in the City,” at the Old Vic that was directed and scripted by professionals. Proceeds went to victims of the Asian tsunami. The Old Vic also designed an executive pilot course spread out over two half-days for Morgan Stanley.”
Glendinning even went to the lengths of dressing up as one of the Beegees at one of these company junkets— did they sing “Jive talking.”
As the Banks use new technology to revamp internal communications a revolution is in progress in the form of intranets and webcasts which are making it easier to not just inform staff around the globe of company developments, but to promote a sense of corporate belonging; to propagandise their employees. The company makes use of its internal television studios to relay presentations across the company intranet presenting an alternative reality.
This might give us some indication of what EI is about — helping out with internal employee hypnosis. And what with those little cameras facing out from a computer terminal and everywhere else the management can spot a Winston Smith from miles away.