The New York Post exposed a “Glengarry Glen Ross”-type sales environment for risky loans at Morgan Stanley (NYSE: MS) in an article over the weekend.
In a follow-up to a March 2nd story, the Post said a twilight selling program split advisers into teams and offered them financial incentives to sell highly-profitable securities-based loans, or SBLs.
The program, original thought to only run in the New England regions, was wider than they original thought. One of the bank’s Florida complexes was also involved, the follow-up story said.
“They held it at night so that the advisers could focus on just selling the SBLs and not being distracted by trading and other work,” said Mitchell, who runs Incite Wealth Management. “It’s kind of an old-school sales ritual type of thing similar to the movie ‘Glengarry Glen Ross,'” he noted.