Word: morganized
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...times of tumult, it is only human to look for answers, and on Thursday there were plenty of story lines to account for the pain. Financial companies, the bêtes noires of the global economy, were at it again, led by Morgan Stanley, off 22% after speculation about the status of planned investment. Or perhaps the trigger was General Motors, down 31% in the wake of being put on watch for a possible credit-rating downgrade, signaling that the broader economy is on much shakier ground than everyone thought. Or could it even have been the much vilified short...
...pinwheeling comic genius of 1940s Hollywood. Now if only he could duplicate Sturges' range of milieux, from high society (The Lady Eve, The Palm Beach Story) to chicanerous politics (The Great McGinty) to the working class in big cities (Christmas in July) and small towns (The Miracle of Morgan's Creek, Hail the Conquering Hero). If appreciation for RockNRolla's entertainment abundance is freighted with disappointment, it's partly because Ritchie's early work has been elaborated on in sharp Brit gangland capers like Layer Cake and The Bank Job. But the main problem is that Ritchie keeps playing...
...thing that has him spooked is the price of credit-default swaps for major U.S. banks - a derivative that provides insurance against the possibility that they might default on their debt, dooming them to bankruptcy. According to data provided by Bloomberg using a model devised by JP Morgan, the price of this insurance currently implies that the odds of banking giant Morgan Stanley defaulting in the next five years are 45%. For Citigroup, another financial linchpin, they're 21%. "This is astonishing," says Weiss. "If Citigroup fails, it could be disastrous...
...that included fallout from yesterday's after-hours Bank of America announcement that it will need to cut its dividend and raise $10 billion in capital. The bank, which has acquired Countrywide Financial and plans to do the same with Merrill Lynch, dropped almost 25% on the announcement. Morgan Stanley shares also plummeted 25% on rumors, which the company denied, that Mitsubishi-UFJ may not take an expected 20% stake in the embattled firm. J.P. Morgan was down about 9.5% while Citigroup fell more than...
...crisis. It has. Its banks have an estimated $12 billion in exposure to subprime debt in the U.S., a figure some analysts believe is understated. Its sovereign wealth funds have lost tens of millions of dollars on poorly timed investments in Blackstone, a private-equity group, and Morgan Stanley. And Ping An Insurance, China's second largest insurer, lost 70% on its $2.7 billion investment in Fortis, the Dutch-Belgian financial-services company that collapsed last week...