Morgan Stanley

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Foreclosure Victims Get New Round of Botched Checks

Last month 's checks bounced, so maybe this is progress

(Newser) - The very same institutions that apparently couldn't foreclose on homes properly are having a run of it: Following regulators' $3.6 million settlement with 13 banks, the Federal Reserve told Goldman Sachs and Morgan Stanley to send affected borrowers $247 million, doled out in amounts between $300 and $125,... More »

JPMorgan Cuts CEO Dimon's Pay in Half—to $11.5M

Meanwhile, traders at Morgan Stanley get IOUs

(Newser) - That sound you're hearing is probably Wall Street's tiniest violin playing for Jamie Dimon. As many expected , JPMorgan Chase's board slashed the CEO's salary in response to the "London Whale" disaster, dropping his incentive pay a backbreaking 53.5% to $10 million, leaving him a... More »

Feds Sue JPMorgan Over Bear Stearns Shenanigans

Meanwhile, Morgan Stanley fined for Facebook IPO irregularities

(Newser) - JPMorgan is staring down a lawsuit over Bear Stearns' alleged mortgage-backed securities misconduct. The National Credit Union Administration, the federal regulator that oversees credit unions, has sued the big bank, alleging that Bear Stearns misled the credit unions it sold $3.6 billion in securities to, causing many to collapse,... More »

Lawsuits Surge in Libor Rate Scandal

With liability as high as $176B, banks under pressure to settle

(Newser) - As the Libor interest-rate scandal continues to spread , lawsuits are piling up by individual investors and institutions who say they were cheated by the artificially low rates, reports the Wall Street Journal . Banks could face up to $176.3 billion in Libor-related liability, according to Macquarie Research, assuming the rate... More »

Key Groupon Investors Ditch the Troubled Stock

Critics say big pre-IPO investments overvalued the company

(Newser) - With Groupon having lost three-quarters of its IPO value, several of its key early investors, including web icon Marc Andreessen, have left the building, reports the Wall Street Journal . Andreessen's firm, Andreessen Horowitz, invested $40 million of the $950 million pumped into Groupon in the months before it went... More »

Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,... More »

Morgan Stanley CEO Defends Facebook IPO

Give the stock some time, he says

(Newser) - Morgan Stanley CEO James Gorman didn't feel the need to make any apologies in his first public comments since Facebook's IPO disaster. Gorman, speaking to CNBC , defended his bank's role as chief underwriter on the deal. "There are lot of opinions," he said of the... More »

Facebook Backers Helped Short Sellers

Morgan Stanley adjusting thousands of first-day trades

(Newser) - Some traders at the underwriters of Facebook's bungled IPO were busy aiding short sellers who bet the stock would drop in the days after its debut, the Wall Street Journal finds. Insiders say traders at JPMorgan and Goldman Sachs were loaning out the shares hedge funds needed to bet... More »

Facebook Investors Are 'Wall Street Suckers'

People ignored obvious problems: David Weidner

(Newser) - If you happen to be among those Facebook investors cursing the IPO's rough start, David Weidner at the Wall Street Journal has a little salt for your wound: You're probably an "old-fashioned Wall Street sucker," he writes. After all, the signs of "shifty business" were... More »

Underwriters Score $100M in Messy Facebook IPO

Fidelity Investments, Capital Research among those warned ahead of time

(Newser) - New investors in Facebook may be steamed (and suing ) that their hot property has lost 16% of its value since the IPO Friday, but Facebook's underwriters are sitting pretty. Morgan Stanley and the other underwriters have made an estimated $100 million from stabilizing the buffeted stock, in addition... More »

Shareholders Sue: Morgan Stanley, Zuckerberg, Facebook

Claim revised revenue forecasts were hidden from bulk of investors

(Newser) - Good thing Mark Zuckerberg has that new bride to be excited about, because his new billions are only bringing him headaches. Shareholders today filed a suit against Zuckerberg, Facebook itself, and a number of Morgan Stanley-led banks, arguing that all three kept secret a "a severe and pronounced reduction"... More »

Insiders Warned on Facebook IPO, Regulators Launch Investigation

Only big investors were tipped off to revised revenue forecast

(Newser) - Facebook's IPO is looking more disastrous by the day. Regulators are now probing reports that underwriter Morgan Stanley and other banks cut their revenue forecasts for the company just days before the IPO—but only advised major clients of the change. Insiders believe the revised forecast, which smaller investors... More »

Behind Facebook's Flop: Morgan Stanley Cut Forecast

Fingers pointing at Morgan Stanley for multiple reasons

(Newser) - Why did Facebook get off to such a rocky start on Wall Street? Well, it might have something to do with Morgan Stanley's decision to slash its revenue forecast at the last minute, Reuters reports. "This was done during the roadshow," says one mutual fund source. "... More »

Facebook Stock Plummets

Second day on the market goes poorly without underwriter support

(Newser) - Facebook's underwriters pulled off the training wheels today, and the infant stock fell—hard. After a lackluster first day on the market, Facebook shares fell some 12% in the first minute of trading this morning, Reuters reports, dropping below the $38 IPO price to $33.67, where it continues... More »

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

(Newser) - Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the... More »

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting... More »

Facebook Could File IPO Papers Next Week: Insiders

Sources say Morgan Stanley is close to landing the deal

(Newser) - Sources tell the Wall Street Journal that Facebook could file papers for its IPO as early as Wednesday, and that Morgan Stanley will likely be chosen as the lead underwriter. The company is looking at a valuation between $75 billion and $100 billion; people have said earlier that the IPO... More »

S&P Downgrades Credit Ratings of Top US Banks

Standard & Poor's applies new criteria to banks around the world

(Newser) - Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan... More »

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first... More »

IPO Talks Peg Value of Groupon at Staggering $15B

Public offering could come in spring

(Newser) - Social deal site Groupon is moving toward an initial public offering that values the company at the princely sum of $15 billion, the New York Times reports. The company met with bankers this week to discuss the IPO, likely to occur in the spring; it would be one of the... More »

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