Word: goldmans
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...Morgan Stanley, which Mack heads, and Goldman Sachs - the only stand-alone U.S. investment banks left after the collapse of Lehman Brothers and the sale of Merrill Lynch - saw their shares plunge by 24% and 14%, respectively. Morgan Stanley and Goldman haven't been without their problems, but they are viewed as the two most conservatively run investment banks - ones that have largely avoided the souring mortgage-related assets that have seized up the global financial system. Both firms reported better-than-expected, but by no means stellar, earnings just the night before...
...That Morgan Stanley might be up for sale had an element of surprise to it. Analysts were generally pleased with what executives at Morgan Stanley - and Goldman Sachs for that matter - had to say in recent conference calls. Glenn Schorr, a banking analyst at UBS, wrote that both firms have strong capital and liquidity positions, and they have reduced their exposure to problem assets and "priced remaining exposures at what we think are reasonable levels" and "don't have the same concentrations risk issues that the others...
...There are, of course, defenders of the stand-alone model. On Goldman's conference call, CFO David Viniar dismissed the notion that Goldman would be better off with a deposit base, saying that because of regulatory constraints, only a "small portion" of Goldman's business could be funded that way. "We think it's not about the model. It is about the performance of the company," he said...
...coming. In the months leading up to the current market chaos, the short sellers have been on the prowl. But now the witch hunt has begun. The shorts nailed Lehman and Bear Stearns by betting that their shares would continue to fall. And now they have Morgan Stanley and Goldman Sachs in their sights, sparking speculation that the last two remaining go-it-alone investment banking giants may have to find a deep-pocketed commercial bank to partner up with. "What's happening out there? It's very clear to me - we're in the midst of a market controlled...
...Also on Thursday Britain said it will ban all short selling of financial stocks until at least next January, while New York Attorney General Andrew Cuomo announced that he was launching an investigation into complaints of short sellers spreading false rumors about targeted companies like Lehman Brothers, AIG, Goldman Sachs and Morgan Stanley...