????差不多一年前這個時候，詹姆斯?戈爾曼正坐在摩根士丹利的交易室椅子上，戴著夾式麥克風(fēng)，眼睛盯著攝像機。對于這位摩根士丹利（Morgan Stanley）CEO而言，這一天是Facebook IPO審判日。

????坐在他身旁的是CNBC電視頻道主持人瑪麗亞?巴蒂羅姆。這宗采訪是幾個星期前戈爾曼就答應(yīng)下的，當(dāng)時Facebook的IPO看起來還是前景一片大好，到頭來卻讓人大跌眼鏡。戈爾曼最終還是決定繼續(xù)接受采訪。但這個決定可能一開始就錯了。燈光有問題。戈爾曼看起來并不自在。他毫無歉意，斗志旺盛。戈爾曼稱那些在Facebook IPO中虧錢的個人投資者為“幼稚”。絕口不提摩根士丹利和Facebook在這宗IPO中大撈了一筆。

????困擾這位CEO還不只是Facebook。戈爾曼還面臨著公司信用評級可能下調(diào)、與花旗集團（Citigroup）就美邦（Smith Barney）收購價格的爭斗升級、以及經(jīng)紀(jì)人不滿加劇等挑戰(zhàn)。很多觀察人士曾經(jīng)斷言，用不了幾個月，戈爾曼就會被掃地出門。

????事實并非如此。今年5月18日是Facebook IPO一周年。戈爾曼仍穩(wěn)坐摩根士丹利頭把交椅，而且現(xiàn)在看起來比過去任何時候都更有希望引領(lǐng)公司扭轉(zhuǎn)局面。摩根士丹利股價在過去一年大漲81%，最近報價為25美元。

????很多頂級投資者近來都買入了該股，包括Wellington Management和T. Rowe Price。在上周一召開的年度股東大會上，摩根士丹利的高管薪酬計劃和董事會重選方案幾乎未遇任何阻力。與摩根大通（JPMorgan Chase）不同，在摩根士丹利從未有過拆分CEO與董事長職位的討論。去年9月曾預(yù)測戈爾曼可能離職的里昂證券（CLSA）銀行業(yè)分析師邁克?馬尤，本周將摩根士丹利的估值上調(diào)至36美元，主要就是考慮到戈爾曼的利潤增長計劃。

????“他在美邦的收購和執(zhí)行過程中表現(xiàn)出色，信用評級問題很快得到了解決，”前摩根士丹利CEO麥晉桁（John Mack）表示，“我給他打高分，這些市場不容易駕馭。”

????戈爾曼一年前面臨的每個大問題幾乎都已按摩根士丹利的方式解決了。

????戈爾曼說服穆迪（Moody's）將摩根士丹利的債券評級下調(diào)兩檔，而不是預(yù)計的3檔，為公司節(jié)約了近30億美元。而且，戈爾曼也迫使公司的銀行家和交易員拋出高風(fēng)險資產(chǎn)。結(jié)果是，現(xiàn)在投資者對于摩根士丹利的債券比一年前下調(diào)評級前更感到安心。如今，1,000萬美元的摩根士丹利債券5年保費只需119,000美元，大大低于1年前的451,650美元。

????Nearly a year ago, James Gorman sat in a chair on his firm's trading floor, clipped on a microphone and stared into a camera. For Morgan Stanley's CEO, it was Facebook judgment day.

????Next to him was CNBC's Maria Bartiromo. Gorman had agreed to the interview weeks before, back when the Facebook IPO still looked like it was going to be blockbuster, not the bust it turned out to be. But Gorman decided to go ahead with the interview anyway. From the moment it started, though, it was apparent he shouldn't have. The lighting was bad. Gorman looked uncomfortable. He was unapologetic and combative. Gorman called individual investors who had lost money on the IPO "naive." Never mind the fact that Morgan Stanley and Facebook (FB) had made a killing on the deal.

????But it wasn't just the fallout from Facebook that was dogging the CEO. Gorman was also facing a looming credit downgrade, an increasingly bitter fight with Citigroup (C) over the price of his Smith Barney acquisition and a growing revolt among the brokers that he was now being bullied into paying up for. A number of observers predicted Gorman would be out within a few months.

????But that's not what happened. May 18 will be the one-year anniversary of the Facebook IPO. Gorman still holds the top job at Morgan Stanley (MS) and now looks closer than ever to pulling off the turnaround many thought would allude him. Morgan Stanley's shares are up 81% in the past year to a recent $25.

????A number of top investors have been buying shares recently, including Wellington Management and T. Rowe Price (TROW). At its annual meeting on Monday, Morgan Stanley faced little opposition to its executive compensation plan, or the reelection of its board. And unlike at JPMorgan Chase (JPM), there has been no talk of splitting the CEO and chairman position. CLSA bank analyst Mike Mayo, who back in September said Gorman was likely to go, this week upped his estimate for the shares to $36 largely on Gorman's plan to boost the company's profits.

????"He's been brilliant on the acquisition and execution of Smith Barney, and the credit rating issue was solved quickly," says John Mack, who was the prior CEO of Morgan Stanley. "I give him high marks, and these are not easy markets to navigate."

????Nearly every big issue facing Gorman a year ago has gone Morgan Stanley's way.

????Gorman convinced Moody's to downgrade the company's debt rating two notches rather than an expected three, saving the bank nearly $3 billion. And Gorman has forced the firm's bankers and traders to sell off risky assets. The result is that investors are more comfortable with Morgan Stanley's debt than they were a year ago before the downgrade. It now costs $119,000 to insure $10 million of Morgan Stanley debt for five years. That's down from $451,650 a year ago.