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)
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Icarus says:
…..”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.