Word: morganize
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...simply responding to calls to stop the slide in certain stocks - Morgan Stanley CEO John Mack put in a personal call to the SEC - isn't necessarily the best policy. Short sellers, as anyone in finance will tell you, often provide very useful early signals about the weakest players in the market. And there is little rigorous data on whether bans on short selling broadly, or specific modifications to how it's conducted (like whether a stock must tick up before a short can go in), truly reduce volatility in markets. Little wonder that many market observers, including former Federal...
...they're not shy about taking advantage of the current weakness of their American competitors in a fight for international market share. On Sept. 22, Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank, announced plans to pay up to $9 billion for a 10% to 20% stake in Morgan Stanley, one of two major U.S. investment banks left standing. The announcement capped a frantic few days during which Morgan Stanley CEO John Mack sought a saving dose of capital from Wachovia, a U.S. bank, and the China Investment Corp., Beijing's $200 billion sovereign wealth fund, which had already...
...half in value as financial stocks tanked. "The leadership [in Beijing] thinks they got taken and they are determined not to let it happen again," says a Hong Kong investment banker close to CIC. But that does not mean the Chinese aren't interested. CIC bought 9.9% of Morgan Stanley in December for $5.5 billion; last week Gao Xiqing, CIC's chief investment officer, was in New York for talks with Mack about expanding that stake. But buying 10% or more of the investment bank would have required a U.S. government review, a process that would be much easier...
...issued by the New Jersey university. Harvard refused to disclose the name of the firm that underwrote their outstanding public debt, but the University has had at least two fixed-rate bond issuances in 2008, both announced Jan. 23 at sums of $243 million and $145 million, underwritten by Morgan Stanley, according to data from Bloomberg Finance L.P. At the end of 2007, Harvard held more than $914 million in fixed-rate bonds, according to the annual financial report. In total, Harvard has more than $3.8 billion in bonds and notes payable. Kenneth A. Froot, a professor of business administration...
...come at a worse time for South Africa's northern neighbor, Zimbabwe, where the South African President painstakingly brokered a power-sharing compromise aimed at ending the country's prolonged political crisis. Signed a week ago by Zimbabwe's autocratic president, Robert Mugabe, and his bitter enemy, opposition leader Morgan Tsvangirai, the deal has been hanging by a thread. If it holds, the Zimbabwe deal could be Mbeki's most enduring legacy, despite the criticism he has drawn for a policy of "silent diplomacy" that was seen by many to appease Mugabe. But it could also be his final defeat...