What do you do when you’ve gambled away billions in idiotic mortgage bets? Run to China with your hand out. In a situation that mirrors that of the U.S. macro economy (they lend, we spend), Morgan Stanley shareholders have paid for the firm’s gambling losses by taking 10% dilution in the form of a Chinese rescue.
What a disaster! Good thing one person at Morgan lost her job. And how nice of CEO John Mack, who accepts “full responsibility,” to not take a bonus this year.
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