Word: shuts
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What a difference a financial crisis makes. Mack has spent much of the past year putting Morgan Stanley on safer ground. He has dramatically lowered borrowing and shut down the firm's proprietary trading desk. He changed Morgan from a Wall Street dealer to a bank holding company, and more than tripled the firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake...
Gorman has said that while the firm will shut down part of its trading desk it has no plans to fully exit the investment-banking business. It still plans to advise clients on mergers and manage stock and bond offerings, as well as complete trades for others. Gorman recently told employees at a town-hall-type meeting, "The heart, the DNA - the fabric of this place - has always been the institutional securities [investment banking] business and, frankly, should always be ... That's our roots." (See 25 people to blame for the financial crisis...
...Norton rebounded in the 3rd place match, earning a 6-4, 6-1 win. With her undefeated season on the line in the singles championship, Tachibana closed out the weekend’s play with a decisive win over Nunic. Tachibana had some trouble in the first set but shut out her opponent in the second, winning 6-4, 6-0. It was a competitive match but one the Crimson freshman controlled.“I knew [Nunic] was supposed to be a very good player,” Tachibana said. “The team motivated...
...Qods Day - the annual day of government-sanctioned rallies supporting Palestinian statehood that take place in most cities in Iran. All public events surrounding the Islamic month of Ramadan, which historically have provided opportunities for Iranian politicians from across the ideological spectrum to speak their minds, were either shut down or scaled back. Former President Mohammed Khatami was scheduled to speak alongside Ayatullah Ruhollah Khomeini's grandson at Khomeini's shrine two weeks ago, but the occasion was canceled. Former President Ali Akbar Hashemi Rafsanjani, who has delivered a Qods Day speech for decades, was replaced by a more hard...
...before you thank me for that, I wanted to mention a couple of things. Your Treasury Department has thus far been good at keeping its mouth shut about the value of our currency. As I said, we need our export sector to recover - late last year I had more unemployed workers in one province (Guangdong) than you have in your entire country - so forget about pressuring us to revalue the renminbi. We allowed it to increase in value against the dollar during the Bush years, but until there's evidence of a global economic recovery, we're not budging...