Word: stanleys
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...metaphorically wielding the ax from the Pentagon platform. Gates announced that he had asked for and received the resignation of his top commander in Afghanistan, Army General David McKiernan, after McKiernan spent only 11 months in that theater. The 37-year veteran will be replaced by Army Lieut. General Stanley McChrystal. Army Lieut. General David Rodriguez, the Defense Secretary's own top military aide, is to serve in a newly created post as McChrystal's deputy...
...Then there's all that bad debt. We've now mostly worked through the subprime mortgage mess that started this whole debacle, but lots more losses - from prime mortgages, credit cards, commercial real estate, you name it - are still to come. Morgan Stanley economist Richard Berner estimated on Tuesday that even in the most bullish case, banks and other lenders have only recognized about half the $1.7 trillion in loan losses they're likely to suffer over the course of the downturn. In Berner's "bear" case, losses will top $4 trillion...
...debt for the second time. The bondholders had earlier agreed to accept $4.5 billion; on Friday they reduced the amount further, to $3.75 billion. A final deal with creditors much be reached by May 1. Among Chrysler's biggest bondholders are JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley. Even if Chrysler reaches a deal with its major creditors it may still decide to enter Chapter 11 as a way to further clean up its balance sheet...
...thought was necessary to prevent what they viewed as a possible catastrophic failure of the national and perhaps global banking system. If Merrill Lynch had been left on its own to suffer huge fourth quarter losses, it might have faced a fate like that of the departed Lehman. Morgan Stanley (MS) nearly had the same set of problems until the Japanese financial house Mitsubishi UFJ agreed to honor a commitment to put $9 billion into the U.S. investment firm. Whether their presumption was right or not, it appears that Paulson and Bernanke believed that a failure at Merrill could have...
Much of the shadow-banking system is now gone or in hibernation. Two of its leading institutions, Goldman Sachs and Morgan Stanley, have become commercial banks. With fewer competitors, banks have a lot more pricing power, while Federal Reserve lending programs and Federal Deposit Insurance Corporation (FDIC) guarantees of deposits and bank-bond issues have sharply lowered funding costs. Net interest margins appear to be turning the corner, and as a result, it is not inconceivable that banks will be able to steadily earn their way out of their problems over the next few years...