From Wall Street Journal:

In June 2012, Morgan Stanley’s CEO James Gorman ordered a dry vodka martini at a St. Petersburg hotel bar to celebrate a modest credit rating downgrade by Moody’s. The bank narrowly avoided falling into junk territory with a two-notch downgrade instead of the three notches being considered. This news highlights the close call and the potential impact on the bank’s financial standing. Dow Jones & Company, Inc. holds the copyright for this news.



Read more: James Gorman Just Wrapped Up a Successful Tenure at Morgan Stanley. It Almost Didn’t Turn Out That Way.