The Night of September 11: How Did Morgan Stanley’s 2,687 Employees Almost All Survive?
Hello everyone, I’m your financial journalist and friend economist. Today, we’re not talking about candlestick charts or the Federal Reserve’s interest rate decisions, but about a real story about crisis management and organizational resilience.
On September 11, 2001, when the Twin Towers of the World Trade Center in New York collapsed in flames, the global financial community was in shock. However, one detail was often overlooked: Morgan Stanley, which had over 2,700 employees working inside the towers, managed to evacuate safely with only 2,687 people surviving, resulting in an extremely low mortality rate. Other companies in the same building suffered heavy casualties.
Behind this success was not luck, but the work of a security supervisor named Rick Rescorla, who had spent eight years laying the groundwork for a successful evacuation plan.
Let’s break down in simple terms why this Wall Street giant was able to emerge unscathed from such a catastrophic event.
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1. The Prophet and the “Out-of-Timely” Warning: The Explosion Eight Years Earlier
The story begins in 1993, when a severe truck bomb attack occurred in the World Trade Center parking lot, killing six people and injuring 1,042. Rescorla, who was in charge of security at the time, coordinated the evacuation and was the last person to leave the scene.
Most people might have thought, “That was terrifying; I’ll definitely find another job,” or “Thank god I didn’t die; I’ll be more careful next time.” But Rescorla did something that many considered crazy or overly cautious:
- In-depth Investigation: He and his friends disguised themselves as Muslims to attend morning prayers at a mosque to gather information.
- Writing a Report: He drafted a detailed risk assessment, clearly stating that the World Trade Center was a symbol of America and would likely become a target for terrorists.
- Specific Predictions: He predicted that the next attack would involve airplanes crashing into the buildings, possibly with the use of chemical or biological weapons.
- Suggesting Relocation: He strongly advised the company to move out of Manhattan and build a new, low-rise office building in New Jersey, arguing that Manhattan’s limited bridges and tunnels would make it a deathtrap in case of an evacuation.
What happened?
Although the company’s management and authorities received the report, they dismissed it as an exaggeration, viewing the World Trade Center as a “vulnerable asset.” Rescorla’s suggestions were ignored, and he continued to work there, responsible for the safety of 3,700 employees.
💡 In Plain Language:
It’s like when your car’s dashboard lights up, warning you of an engine problem, and your boss says, “It’s just a minor issue; fix it.” Even if you don’t listen, as the driver, you know the car could explode at any moment. Rescorla recognized a systemic risk that others didn’t see and spoke out about it.
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2. Turning Drills into “Muscle Memory”: Why Others Couldn’t Escape, but They Could
In 1998, when Dean Witter Company merged with Morgan Stanley, Rescorla was promoted to security supervisor. With more power and resources, he focused on making crisis response procedures second nature to everyone:
- Mandatory Drills: He organized fire and evacuation drills every two months, with absolute participation.
- Strict Timings: He used a stopwatch to criticize anyone who was slow, talked too much, or wasn’t serious, even naming specific executives.
- Standardized Procedures:
- Upon hearing the alarm, senior employees had to gather in a designated corridor and wait quietly for instructions.
- During evacuation, they had to walk in pairs, holding hands or side by side to avoid getting separated.
- Upon reaching the 44th floor (the safe assembly point), they waited for further instructions.
- Physical Improvements: Fluorescent strips were installed in the stairwells, the security team was expanded, and mail was checked on every floor.
💡 In Plain Language:
Many think drills are a waste of time, but Rescorla turned them into instinctive actions. It’s like practicing shooting every day so that during a game, your hand moves automatically without thinking. His drills ensured that everyone knew exactly what to do in a panic-filled, dark, and chaotic environment.
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3. The Day of 9/11: The Pillar of Stability in the Darkness
On the morning of September 11, 2001, when the first plane struck the North Tower, Rescorla immediately realized it was real. Standing in the elevator lobby, he used a loudspeaker to calmly and firmly command, “Keep moving, stay calm, and head to the stairwells.”
- Elevator Lockdown: He prevented people from using elevators, as they were the most dangerous areas.
- Calming the Panic: When the second plane hit the South Tower, the building shook violently, lights went out, and the floorboards buckled. People panicked and started pushing each other, and the stairwells were filled with smoke.
- Critical Instructions: His voice calmed the crowd: “Stop! Stay calm. There’s another staircase!” This prevented people from rushing to the main, already smoky stairwell. After confirming the safety of the alternate staircase, he directed the evacuation.
- Emotional Support: He spoke soothingly throughout the process, even singing, providing emotional stability in a time of extreme fear.
💡 In Plain Language:
In a crisis, information scarcity is more terrifying than the disaster itself. Rescorla provided clear, actionable instructions, acting as a source of stability for everyone.
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4. Why Morgan Stanley? – The Power of Corporate Culture
You might wonder why other companies didn’t succeed like Morgan Stanley:
- Leadership Support: Although the management ignored his earlier warnings, after the merger, they respected and supported his security efforts, providing the necessary resources and participating in the drills themselves.
- Breaking Hierarchies: Rescorla dared to criticize executives, a rare practice on Wall Street, showing that professional authority trumps positional power.
- Long-Term Commitment: His efforts over eight years paid off in that critical hour.
💡 In Plain Language:
This is about more than just security; it’s about corporate culture:
- Average Companies: Rely on luck during emergencies.
- Excellent Companies: Prepare through routine training.
- Outstanding Companies: Cultivate a culture of trust, obedience, and calmness through consistent training.
Morgan Stanley’s success was due to treating safety as a core business priority, not just a logistical expense.
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5. Lessons for Us
Rescorla’s story offers valuable lessons for individuals, small businesses, and managers:
- Don’t Ignore Low-Probability, High-Impact Risks: The 1993 attack seemed unlikely, but it could happen to anyone. Have you identified such risks in your company or life? Have you prepared for them?
- Drills Are Not for Show; They Save Lives: Many companies neglect fire drills and security tests. Conduct “unscripted” crisis simulations to test your team’s response.
- Clear Communication in Chaos: Designate clear speakers and decision-makers in advance. Prepare scripts for emergencies.
- Respect Expertise: Even if their advice seems harsh, listen to experts, especially those from lower ranks.
- Stay Alert Until the Last Moment: True leaders stay to ensure everyone is safe.
In a world full of uncertainties, preparation is the only certainty. Remember: When a crisis hits, it’s your well-trained instincts that will save you.
Think about Rescorla and the 2,687 employees who made it home safely. The next time you think a drill is unnecessary or a risk too distant, remember that preparation is the key to survival.
Remember: In a crisis, it’s not gods who save you; it’s the instincts you’ve developed through preparation.