Prologue
Intended Audience
The Crimes
FAQs
Modus Operandi
The Day
The Plight
Chronology
Assassination
Motives
Project Atlas
Importance
Amended Claim
Foundation
Affiliated Websites
Conclusions
The Hope
Footnotes
e-mail me

   Footnotes  


IMPORTANT NOTE:  There are so very many documents that reveal Morgan Stanley's deliberate and malicious career assassination of Spencer C. Young that it requires a forest to produce the paper to print them all out -- and this is despite Morgan Stanley's obstruction of justice in complying with less than 10% of Mr. Young's affirmed discovery request because they have much to hide.

  1. This is Mr. Young's Statement of Claim  in its entirety, as filed on July 1, 2003 with the Director of Arbitration at the National Association of Securities Dealers ("NASD"). 
  2. These are the summary statistics pertaining to the disposition of NASD Arbitration claims as of March 31, 2006, as reported by the NASD.  The file is denoted as:  2 - NASD Dispute Resolution Statistics - Through March 2006 - With Analytical Comments
  3. These documents contain the names of Wall Street firms Spencer Young contacted in the context of seeking gainful employment after being terminated without cause by Morgan Stanley.   The files are denoted as:   3 - Initial Listing of Targeted Firms - Jan 2003 ;  3 - Summary of Certain Employment Discussions - Jun 2003 ;   3 - Email to Project Atlas Team on Possible Bank Sponsors - Dec 17, 2003
  4. These documents include the resume Spencer Young used in seeking employment after being terminated without cause by Morgan Stanley (4 - Curriculum Vitae of Spencer Young - May, 2000 );   Also included is the document published by Crittenden Wall Street Report, a CMBS trade publication, which listed the CMBS Market Leaders in 1996  (4 - Crittenden Wall Street Databank - Listing of CMBS Market 'Players' ) It is interesting to note that most of those listed are now highly successful senior executives at Wall Street firms, which would have also been the case for Mr. Young had Morgan Stanley not executed their invidious scheme toward the destruction of his Wall Street career.  Also included are the annual listings of the leading Wall Street Conduit Programs and their senior executives for 1998 through 2000;  The files are denoted as:   (4 - Listing of Wall Street Conduit Programs & Their Senior Executives - CMA - Feb 2, 1998 ;  4 - Listing of Wall Street Conduit Programs & Their Senior Executives - CMA - Feb 15, 1999 ; and 4 - Listing of Wall Street Conduit Programs & Their Senior Executives - CMA - Feb 7, 2000 ).  Lastly, an article that appeared in Wall Street Wrap, a special edition of National Real Estate Review concerning a Capital Markets Roundtable discussion by market leaders, in which Mr. Young was an invited participant, is included - it is denoted as:  4 - Article - National Real Estate Investor - Columbia University Capital Markets Roundtable - April 1998 Documents providing a reasonable perspective to current redevelopment projects. 
  5. The files are denoted as:   5 - The Courtyard of Chapel Hill - Architectural Perspectives - Jun 26, 2006 ;  5 - Triangle Village Auto Mall - Request to NCDOT To Remove NC Hwy 55 Median - Jul 15, 2006 ; 5 - The Pit Stop of Durham - Monument Road Sign Rendering for Re-Branding - Jun 27, 2006
  6. An epigrammatic poem was written by Spencer Young during a time of deep vexation stemming from Morgan Stanley’s invidious activities.  It has been published by three societies of high intellect, to which Mr. Young belongs - to wit, Mensa, Intertel and the Top One Percent Society.  The file is denoted as:   6 - The Countermand of Valor - An Epigrammatic Poem (with translations) - By Spencer Young - May 2004
  7. Spencer Young's accomplishments at JPMorgan, which were the basis for Morgan Stanley's hiring him.  The file is denoted as:   7 - Rationale for Hiring Spencer Young - Feb 26, 1997
  8. The formal request to JPMorgan Executive Committee for new product approval to enter into the CMBS business by taking portfolio risk positions.  The references exhibits to this document are not included.  The file is denoted as: 8 - Proposal to JPMorgan Senior Management Seeking Approval to Launch CMBS Business - Jun 29, 1994  - this proposal was approved and implemented as articulated.
  9. Pursuant to 1995 and 1996 Performance Evaluations of Spencer Young as submitted by his boss, Michael Jungman
  10. The 1995 performance evaluation of Spencer Young, as prepared by Steve Palmer, the Chief Credit Officer of JPMorgan's Conduit.  This document is the denoted as:  10 - Spencer Young's Performance Evaluation - Submitted By Steve Palmer - Chief Credit Officer for JPMorgan's Conduit - 1995
  11. Article appearing in the trade publication Commercial Mortgage Alert on JPMorgan's success in pulling together an impressive exclusive roster of financial institutions as commercial mortgage originators - denoted as 11 - Article - JPMorgan Conduit Blankets Nation - Mar 13, 1995
  12. Article appearing in the trade publication Wall Street Mortgage Report, reporting on the nascent success of the conduit programs at Nomura and JPMorgan, denoted as: 12 - Article - Wall Street Mortgage Report - Nomura, Morgan Head Conduit Field - July 8, 1996
  13. This award was humorously presented to Spencer Young, the Chief Operating Officer of the JPMorgan Conduit, by Mike Mayberry, President of Amresco at the 1996 Mortgage Bankers Association Conference - the inscription reads "Original Author of the Famous JPMorgan Secret Black Box Pricing Model – I'd Tell You About It, But Then I'd Have to Kill You") - denoted as 13 - MBA Award - For JPM Black Box Underwriting & Pricing Model - Feb 11, 1996
  14. Conference materials for the second and third annual Commercial Real Estate Finance & Securitization Conferences held in New York City, denoted as 14 - Spencer Young's 1995 CMBS Conference Speaking Engagement - New York City ;   14 - Spencer Young's 1996 CMBS Conference Speaking Engagement - New York City
  15. Document issued by Spencer Young outlining recommendations to turn around and substantially grow Morgan Stanley's commercial mortgage conduit and related securitization business, denoted as:   15 - Spencer Young's 49 Business Strategy Recommendations - Apr 28, 1997
  16. Pursuant to Spencer Young's Year End Evaluation for 1997, as submitted by John Westerfield 
  17. Contains narrative performance evaluations on Spencer Young for 1997, and denoted as:   17 - Spencer Young's Performance Evaluations From Various Morgan Stanley Colleagues - 1997
  18. The complete 1998 business plan presentation developed by Spencer Young is denoted as :  18 - Morgan Stanley Commercial Mortgage Conduit 1998 Business Plan Presentation   and the final fiscal year end production report is denoted as:  18 - Morgan Stanley Conduit - Fiscal Year End Production Report - Nov 30, 1998
  19. Pursuant to Spencer Young's Year End Evaluation for 1998 submitted by John Westerfield
  20. Contains narrative performance evaluations on Spencer Young for 1998, and denoted as:  20 - Spencer Young's Performance Evaluations From Various Morgan Stanley Colleagues - 1998
  21. The presentation used to launch the CreditSource Commercial Program in each of the Dean Witter retail branch offices, denoted as  21 - Dean Witter Program - Kickoff Presentation Developed by Spencer Young - Jan 29, 1999
  22. The detailed operating plan, including all exhibits developed by Spencer Young, denoted as:  22 - Dean Witter Branch Network Operating Plan - Aug 31, 1999 ;   
  23. Contains narrative performance evaluations on Spencer Young for 1999, and denoted as:  23 - Spencer Young's 1999 Evaluations from Morgan Stanley Senior Executives
  24. Advertisement which ran in Commercial Mortgage Alert, denoted as:  24 - Morgan Stanley Advertisement Announcing its Number 1 CMBS Ranking in 1999
  25. Memorandum summarizing feedback elicited from the originating real estate investment bankers of Morgan Stanley's Conduit, denoted as:  25 - Good News, Bad News - Summary of Banker Feedback - Apr 18, 2000
  26. The matrix summary of important changes necessary to turn around Morgan Stanley's Conduit Business Strategy, as prepared by Spencer Young, and denoted as 26 - Spencer Young's Matrix of 11 Critical Business Strategy Recommendations - Spring 2000
  27. Memo to Craig Phillips, Global Head of Securitized Products, along with talking point notes, requesting a transfer to the Finance Group  27 - May 1, 2000 Memo to Craig Phillips - Requesting Transfer - Along with Talking Points
  28. Copy on commemorative plaque received by Mr. Young, denoted as:  28 - Plaque Received in Appreciation for Serving as Basketball Commissioner - 1994
  29. Articles appearing in local newspaper about the successful influence of teamwork in the teams coached by Mr. Young, denoted as:  29 - Article - Manhasset Press - Tar Heels Wrap Up Tremendous Season - Apr 22, 1999 ;  29 - Article - Manhasset Press - Comeback Kids Wow Their Fans - Apr 3, 1997
  30. Refer to document titled 30 - Spencer Young's Response to Evaluation, Along With Talking Points - 2000 which documents the beginning evaluation improprieties instigated by John Westerfield, most notably the many inexplicable missing evaluations from Dean Witter personnel, which were over-the-top positive
  31. Refer to document titled 31 - Emails Exchanged Among Members of Development Team Regarding Naming IQ Brand - May 30 to Jun 4, 2001 which clearly show Mr. Young to be leading this important new product development
  32. Refer to document titled 32 - Deal Summary for the Inaugural IQ Deal - Oct 17, 2001 which summarizes the salient attributes of this new product, which reopened the CMBS new Issue market after the 9/11 terrorist attack had shut down the markets
  33. This article which appeared in the Wall Street Journal is representative of Warren Friend's management style, denoted as:  33 - Article - Some Bosses Never Meet a Success That Isn't Theirs - Apr 23, 2003  
  34. Unsolicited email from John Westerfield indicating Mr. Young's strong performance, denoted as  34 - JWesterfield email - Got Call From Gail Who Said you were doing great with your accounts - Sep 2001
  35. Documentation associated with Spencer Young's extensive work in the trademarking of the IQ Brand, denoted as   35 - Servicemarking of IQ Along with Notes Reflecting Mr. Young's Direct Role - Oct 2001 to Oct 2002 , as well as a Time and Responsibility Schedule associated with the IQ-2 Deal, denoted as:  35 - IQ-2 - T&R Schedule - Feb 21, 2002
  36. Emails exchanged upon completion of highly successful monetization of the farm loan portfolio of AXA / Equitable Insurance, denoted as  36 - Feedback Received on the AXA Equitable Agribusiness Deal - Apr 19 to 29, 2002 ;  and a responding memo to Warren Friend when he attempted to block Mr. Young's attendance at the meeting with the rating agencies for the IQ2 deal, despite being specifically asked to attend by the client (State Farm Insurance), denoted as  36 - IQ2 - Memo to WFriend - Spencer Young's Attendance at Rating Agency Meetings
  37. This book describes the strategy employed by Warren Friend and John Westerfield against Mr. Young, denoted as  37 - Mobbing - Emotional Abuse in the American Workplace - Book Cover & Summary
  38. Email referencing threats by John Westerfield to include Spencer Young in an upcoming downsizing, denoted as  38 - Email From Spencer Young - Bullying by John Westerfield via express threat to Include Spencer Young in a Downsizing - Apr 5, 2001
  39. Narrative performance evaluations of Spencer Young submitted by analysts and associates, one month prior to his termination, denoted as 39 - Performance Evaluations on Spencer Young from Analysts and Associates - October 2002
  40. Narrative performance evaluations of Spencer Young submitted by Senior SPG managers with whom Mr. Young worked, one month prior to his termination, denoted as 40 - Performance Evaluations on Spencer Young from Senior Team Members - October 2002
  41. Mr. Young's good faith attempt to achieve a fair resolution despite Morgan Stanley's unjustified and  wrongful treatment, denoted as  41 - Spencer Young's Dec 1, 2002 Email To Craig Phillips Seeking An Amicable Resolution
  42. Correspondence, presentations and other related information pertaining to employment discussions with Goldman Sachs, denoted as: 42 - Documentation Concerning Employment Discussions with Goldman Sachs - Jan to Feb 2003
  43. Correspondence, presentations and other related information pertaining to employment discussions with JPMorgan Chase, denoted as: 43 - Documentation Concerning Employment Discussions with JPMorgan Chase - Jan to Mar 2003
  44. Supplemental information compiled by Spencer Young, particularizing transactions successes and employment references to offset the derogatory misinformation that Morgan Stanley was disseminating in the CMBS Marketplace, denoted as  44 - Spencer Young's Competencies, Accomplishments, Client References & Transactions Lists
  45. Letter and draft NASD Statement of Claim to the Co-Heads of Morgan Stanley Institutional Securities suggesting meeting to gain resolution, denoted as:   45 - Letter from Sklover & Assoc to MS - Pandit & Newhouse - Seeking Resolution with draft Statement of Claim - May 30, 2003
  46. Morgan Stanley's filing with the NASD in response to Spencer Young's Statement of Claim, with the their statement of facts highlighted with a total of 97 prevarications, equivocations and boldface lies, denotes as:  46 - Morgan Stanley's Answer - As Filed With The NASD - 97 Prevarications Highlighted - Aug 28, 2003
  47. Email sent by Spencer Young to the Phase 1 Principals of Project Atlas updating them on the status of discussions with targeted bank sponsors, denoted 47 - Email to Project Atlas Team on Possible Bank Sponsors - Dec 17, 2003
  48. Miscellaneous correspondence with Barclay's Capital in the context of launching Project Atlas with their sponsorship, denoted as  48 - Communications with Barclays - Dec 2003 to Mar 2004 ; and the Presentation given by Spencer Young to senior management at Barclay's Capital, denoted as:  48 - Project Atlas - Business Plan Presentation to Barclays Capital - December 21, 2003
  49. Correspondence and detailed plans in response to offer granted to Spencer Young in the context of launching Project Atlas in a phased manner, focusing initially with originations, denoted as:  49 - Project Atlas for Allied Capital - Presentation, Implementation Plan, Employment Terms and Operating Budget
  50. Emails from Project Atlas Principals, Steve Beyer and Steve Cole indicating being unsuccessful in reaching the Head of Real Estate at Allied Capital, denoted as:  50 - Emails from Project Atlas Principals indicating John Scheurer of Allied Won't Return Their Calls
  51. Correspondence with Tom Kalaris importuning his guidance on how to deal with Morgan Stanley's tortious interference, denoted as  51 - Emails to and from Tom Kalaris - CEO of Barclays Capital - Jun 21, 2004
  52. Evidence of Lifetime membership in Mensa:  52 - Mensa Lifetime Membership Card - Spencer Young
  53. Email from Spencer Young articulating in precise detail that he chose to leave the Principal Group and George Kok resigned because Westerfield to respond to the management problems created by Russell Rahbany, with whom Westerfield had an "unnatural" relationship 53 - Spencer Young's Email to John Westerfield - Acting Like a Manager Scorned - Mar 21, 2001
  54. Examples of the extensive planning and development that went into creating the integrated real estate capital markets operation called "Project Atlas", denoted as:  54 - Project Atlas - Consolidated Operating Plan Financials - Oct 27, 2004 ;   54 - Project Atlas - Spencer Young - Bibliography - Oct 15, 2003 ;    54 - Project Atlas - Spencer Young - Key Themes - Oct 15, 2003 ;   54 - Project Atlas - Underwriting Manual - Core Version - Jan 16, 2004  
  55. Agenda for group meetings of the Project Atlas Principals held at the Cornell Club, in NYC, denoted as:  55 - Project Atlas - Meet and Greet Agenda - Cornell Club - Oct 8, 2003 ; 55 - Project Atlas - The Roll-Up Agenda - Cornell Club - Nov 7, 2003 
  56. Background information and the detailed Conduit Loan segment of Project Atlas, developed by Steve Beyer, denoted as:  56 - Project Atlas - Steve Beyer - Bio & Business Plans
  57. Background information and the detailed Deal Management segment of Project Atlas, developed by Jackie Brady, denoted as:   57 - Project Atlas - Jackie Brady - Bio & Business Plans  
  58. Background information and the detailed Trading segment of Project Atlas, developed by Rob Cestari, denoted as: 58 - Project Atlas - Rob Cestari - Bio & Business Plans 
  59. Background information and the detailed Investments & Credit Risk Management segment of Project Atlas, developed by Bob Clark, denoted as:  59 - Project Atlas - Bob Clark - Bio & Business Plans
  60. Background information and the detailed Small Loan segment of Project Atlas, developed by Steve Cole, denoted as:  60 - Project Atlas - Steve Cole - Bio & Business Plans
  61. Background information and the detailed Large Loan segment of Project Atlas, developed by Nicki Livanos, denoted as: 61 - Project Atlas - Nicki Livanos - Bio & Business Plans
  62. Background information and the detailed Small Loan segment of Project Atlas that was to supplement Steve Cole's initiative to ensure immediate critical mass in the product, as developed by Joe Francis, denoted as:  62 - Project Atlas - Joe Francis - Bio & Business Plan
  63. Email from John Ho, with whom Mr. Young worked at JPMorgan, denoted as:  63 - Project Atlas - John Ho - Willingness to Collaborate Again   Note:  This is one of the many features of Phase 2 that Mr. Young was keeping close to the vest
  64. Background information and the detailed Mezzanine Loan segment of Project Atlas, developed by Richard Katzenstein, denoted as:  64 - Project Atlas - Richard Katzenstein - Bio & Business Plans
  65. Email concerning initial discussions with a top candidate, with whom Mr. Young has worked closely to serve as in-house counsel, legal strategist and CDO Deal Structuring Manager, denoted as:  65 - Project Atlas -- Erik Klingenberg - Consideration as In-House Counsel
  66. Email from Project Atlas Senior Advisor, Mike Hanna, denoted as:  66 - Email from Mike Hanna Re Morgan Stanley's Tortious Interference - Jun 23, 2004
  67. Email to Project Atlas Senior Advisor, Howard Keenan, regarding his impending discussion with Bob Clark concerning the Investment Segment of Project Atlas, denoted as:   67 - Project Atlas - Howard Keenan - Regarding Advising Bob Clark - Principal of Atlas Investment Fund - Oct 27, 2003
  68. Emails from and to Project Atlas Senior Advisor, Charles Trunz concerning his endorsement of the Project to a targeted hedge fund, and his involvement and the marketing strategy with targeted Bank Sponsors. Denoted as: 68 - Email From Charles Trunz to Pequot Fund - Oct 30, 2003 ;   68 - Email to Charles Trunz - Memo to Sponsors & Targeted List - Oct 23, 2003   
  69. Emails exchanged with Paul Fiorilla, Senior Editor of Commercial Mortgage Alert, indicating his intent to run a story on Project Atlas, due to the high degree of "market buzz", denoted as:  69 - Emails with Paul Fiorilla of Commercial Mortgage Alert - Dec 9, 2003
  70. Article on Project Atlas, which appeared as a front page story in Commercial Mortgage Alert   70 - Article - CMA - Cover Story on Project Atlas - CMBS Pro Planning Securitization Venture - Jan 23, 2004
  71. Articles reporting on Morgan Stanley's settlement of a class action Sex Bias lawsuit brought by former Morgan Stanley employee, Allison Schieffelin   71 - MSNBC - AP - Article - Morgan Stanley Settles Sex Bias Suit - Jul 12, 2004 ;   71 - Various Articles on Morgan Stanley's Settlement of Sex Bias Suit
  72. A collection of various articles on the IQ deals, and the reason why various financial institutions are drawn to it, denoted as: 72 - Various Articles and Information on the IQ Deals Appearing in Trade Publications
  73. Email from Spencer Young to Liddle & Robinson concerning an encounter with Tony Tufariello at a lacrosse event , denoted as: 73 - Email to L&R - Morgan Stanley's Tortious Threat From Tufariello - Nov 8, 2004
  74. Emails exchanged with a Senior Wall Street Executive and friend, concerning Morgan Stanley's tortious interference, denoted as:  74 - Emails Exchanged with Mary Jo Collins of Spear Leeds- Feb 24, 2004
  75. Mr. Young's last overture to settle the matter, which was again rebuffed - this time by John Mack, newly appointed CEO, denoted as:  75 - Email to MS - John Mack - Request to Settle - Parallels To Experience With Purcell - Rebuffed by MS - Jul 5, 2005
  76. Illustrative interpretation of Dante's Hell, as determined by degree of transgression, where the core and inner concentric circles represent a miserable existence as a consequence to committing the more heinous of iniquities, while the more benign outer concentric circles are reserved for those whose transgressions are deemed less egregious.  This is denoted as: 76 - Dante's Inferno - Dante Alighieri's Interpretation of Hell
  77. Article appearing on the Active Insight blog web-site recounting the many instances where Morgan Stanley has fallen from grace, vis-a-vis its founders' intent. 77 - Article - The Fall of The House of Morgan - Active Insight - July 8, 2005





|Prologue| |Intended Audience| |The Crimes| |FAQs| |Modus Operandi| |The Day| |The Plight| |Chronology| |Assassination| |Motives| |Project Atlas| |Importance| |Amended Claim| |Foundation| |Affiliated Websites| |Conclusions| |The Hope| |Footnotes|