Wednesday, Sep 17, 2008
A possible merger?
Bloomberg: Morgan Stanley, Goldman Plummet After AIG Takeover (Update1)
Morgan Stanley and Goldman Sachs Group Inc., the biggest U.S. securities firms, tumbled the most ever in New York trading after a government rescue of American International Group Inc. failed to ease the credit crisis. The cost to protect against a default by the banks rose to a record.
Goldman fell as much as 26 percent on the New York Stock Exchange and Morgan Stanley plunged 44 percent, leading financial stocks to the lowest level in five years.
``They're fish in the barrel, the short sellers have them targeted,'' said William Smith, whose firm Smith Asset Management Inc. in New York manages $80 billion, including Goldman stock. ``Morgan Stanley's probably going to wind up doing a deal, it's really a matter of survival.''
Posted by stevie dee @ 07:05 PM (122 views) Add Comment
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