Morgan Stanley employees at the WTC helped save lives of both Morgan Stanley employees and many others. Purcell resigned as CEO of Morgan Stanley in June 2005 when a highly public campaign against him by former Morgan Stanley partners (the Group of Eight) threatened to disrupt and damage the firm and challenged his refusal to aggressively increase leverage, increase risk, enter the sub-prime mortgage business and make expensive acquisitions, the same actions related to the financial crisis of 2007–2008. The events that led to his resignation are covered in detail in a 2007 book by Patricia Beard, Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley. One former business associate, Jim Cramer, wrote: "It wasn't just bad management that brought down the Morgan Stanley chief. It was also the fact that no one could stand him." References 1943 births Businesspeople from Salt Lake City Purcell, Philip J. Alumni of the London School of Economics University of Notre Dame alumni Private equity and venture capital investors American Airlines people McKinsey & Company people Living people Morgan Stanley employees University of Notre Dame Trustees