The Five Dumbest Things on Wall Street This Week

3. Where the Firms Have No Name

Morgan Stanley (MS Quote) turned the tables on Joe Perella this week.

The brokerage firm has suffered its share of management defections, thanks in no small part to 1980s merger whiz Perella. Last spring, for instance, some top bankers fled Morgan in a revolt that brought down former CEO Phil Purcell. The heaviest blow was Perella's April 2005 resignation, which reportedly left him in tears.

Then, early this year, another exodus ensued when Perella started making vague plans for his own firm. Perella managed to poach several Morgan Stanley hard-hitters, including Titus Leung and Dietrich Becker. But maybe his biggest splash came with the addition of Morgan's former co-head of global capital markets, Jon Anda.

"We can confirm that Jon Anda has agreed to join our team as we consider the formation of a new financial services firm," Perella said in a Jan. 11 statement.

Five months later, Perella is moving right along. Apparently he has managed to form the new firm and to raise millions of dollars from partners. On the other hand, it's still not clear what the firm is going to be called. And now he's losing people back to Morgan.

"It was announced today that Jon Anda will not be joining the financial services firm being formed by Joe Perella, as previously reported," a Perella statement said Wednesday.

Indeed, after what Morgan calls a break to "explore other opportunities," Anda is returning as vice chairman for institutional securities.

"I am thrilled to be back at Morgan Stanley," Anda says, "a firm with a great heritage, terrific talent and a bright future."

And an actual name, to boot.

Dumb-o-Meter score: 85. "We look forward to working with him at whatever firm he joins," Perella parries.