Point: "Our enthusiasm about MS's turnaround benefits from our generally macro views. We expect CEO confidence to rise and global corporate activity levels to increase markedly in 2013. Morgan Stanley, with its sterling reputation, talent pool, and record in execution in investment banking advisory and capital markets, is uniquely positions to benefit from this improvement." Counterpoint: "Even in early 2010, however, it was clear to many inside the firm that [James Gorman] would have his work cut out for him. Every Wednesday, executives from various corners of the bank who belonged to what was known as the asset liability committee would meet at noon to examine the cost to the firm of everything from looming credit-rating downgrades to regulatory changes. 'It was the most depressing meeting ever,' said one attendee who spoke on the condition of anonymity. 'It was very clear the Morgan Stanley we knew was never coming back.'"