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Wrongful death suits on Wall Street?

It’s going to be really interesting to see how this plays out …

Lehman Brothers Holdings Inc.’s estate sued J.P. Morgan Chase & Co., alleging J.P. Morgan illegally siphoned billions of dollars from Lehman in the days before the troubled investment bank filed for the largest bankruptcy in U.S. history.

The lawsuit alleges that [...]

MS CEO calls for reforms (with limits)

The firm’s annual shareholder meeting was today … buried deep in the story from the Wall Street Journal were the following paragraphs regarding comments made by Morgan Stanley CEO James Gorman.

In the meeting, a brisk one hour compared with Goldman Sachs‘ three-hour marathon, Mr. Gorman also said Morgan Stanley was committed to regulatory reform. [...]

Let’s talk compensation … and customer service.

You know what I find frustrating? From today’s Wall Street Journal:

And now, for what you’ve all been waiting for: Morgan Stanley’s compensation totals:

Sure, the bank’s swing to a fourth-quarter profit of $617 million gets all the headlines, but here at Deal Journal, our eyes naturally seek out the compensation line on that profit [...]

Stress!

Now I know why the A-Train hates Goldman Sachs so much … looks like all the Goldman alums in guv-mint decided to give them a bigger break than they gave Morgan Stanley in determining worst-case scenarios in the recent stress tests performed by the Federal Reserve.

Goldman’s Test Stresses Morgan Stanley

Why did the stress [...]

Buffett says bailout may cost taxpayer nothing

Buffett Right, U.S. Bank Plan May Cost Nothing

Sept. 25 (Bloomberg) — President George W. Bush, billionaire Warren Buffett and BlackRock Inc.’s Laurence Fink are “absolutely” right to say a $700 billion U.S. plan to buy assets from financial firms may cost taxpayers nothing even with purchases at above-market prices, a top-rated analyst said.

[...]

GS, MS to become banks

This is an interesting twist. Obviously, it means that Morgan Stanley will be subject to more stringent regulation, but I wonder what it fundamentally means for the business model. This will be really interesting to following over the next days/weeks/months.

Goldman Sachs, Morgan Stanley To Be Bank Holding Companies – WSJ.com

The Federal Reserve said [...]

Big Mack Attack

Shorts face big Mack attack- Sep. 17, 2008

The Morgan Stanley chief goes on the offensive after a solid earnings report fails to halt the stock’s collapse.

FORTUNE (New York) — For Morgan Stanley and Goldman Sachs, the two remaining standalone investment banks, the world has become an ugly place.

So ugly, in fact, that [...]

Ever closer

I know a lot of people are worrying about whether or not Obama is going to be able to pull it off come November …

As things continue to deteriorate, and Sarah Palin continues to act like Dick Cheney with regards to keeping things secret and refusing to cooperate with investigators, the bloom will [...]

It’s gonna be carnage

Goldman, Morgan Grasp at Bitter Prize September 15, 2008; Page C1

Goldman Sachs Group and Morgan Stanley look like survivors in Wall Street’s purging of stand-alone investment banks. But the prize will be bitter.

The investment banks report results this week for their fiscal third quarter, which ended in August. Analysts expect a profit from [...]

Rescue Me

Rescue Me: A Fed Bailout Crosses a Line

WHAT are the consequences of a world in which regulators rescue even the financial institutions whose recklessness and greed helped create the titanic credit mess we are in? Will the consequences be an even weaker currency, rampant inflation, a continuation of the slow bleed that we have [...]