Thursday, December 20, 2007

If …

The Biggest Single Loss By A Trading Desk On Wall Street

"What makes all this so much more difficult to take, however, is the damage-limitation PR campaign coming out of Morgan Stanley. Mack says that the losses 'should not overshadow the momentum we see in virtually all our other businesses'. Who's he trying to kid ? But going one better was the firm's CFO, Colm Kelleher, who said that 'if you were to normalize our business and take out this $9.4bn charge, you would see that we had a record year across the whole enterprise'. IF. If my aunt had b.lls, Colm, she'd be my uncle. Let's face it, Morgan Stanley has got a bloody nose, and once again faces the prospect of having to rebuild its reputation and its franchise."

Posted by doomwatch @ 03:51 PM (3065 views)
Please complete the required fields.



One thought on “If …

  • …..”but we’re doing well in other parts of the business”. If this doesn’t sound familiar read the 3.45 pm post on Bear Stearns.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>