Talks regarding a merger between Morgan Freeman and Stanley have sadly fallen through but the Times reports that MS is considering joining up with Wachovia. John Mack apparently received a ring from WB this afternoon, interrupting his call with SEC Chair Chris Cox. Discussions are purely preliminary and like every could very well fall through.
Comments
More Favorite Reads
Sep 15, 2009, 2:22pm
Technical Difficulties Prevented Warren Buffett From Saving Lehman Brothers
I sense some judgment from the Bloomberg reporter here re:...
More »Sep 15, 2009, 2:00pm
People! THIS TYPE OF PERFORMANCE DOES NOT MAKE PTJ WANT TO RAIN BUCKETS O' CHICKEN ON YOUR ASSES!
Tudor BVI Global: August 2009: 0.5% YTD: 12.5% ...as for...
More »
Sep 09, 2009, 11:27am
Goldman Partner's Neighbors Scandalized By Shirt Optional Parties
Goldman Sachs partner managing director Richard Kimball Jr. apparently got...
More »Sep 09, 2009, 10:15am
Job Openings At AQR! (UPDATE)
Ladies, if you've been looking to work under one of...
More »
Posted by guest , Sep 17, 2008 4:55PM
BSB - Big Shitty Bank?
Posted by guest , Sep 17, 2008 4:56PM
Best headline ever....
http://nymag.com/daily/intel/2008/09/cox_bans_naked_short-selling.html
Posted by guest , Sep 17, 2008 4:57PM
well it should be a done deal by tomorrow morning ;-) no kidding
Posted by guest , Sep 17, 2008 4:58PM
I wonder if Charlotte will be inundated with cheesy bottle services bars and over priced starchitect condos now?
-C
Posted by MostOffensive , Sep 17, 2008 4:58PM
BSB= burgers, shots, beers. Ticker already taken.
Posted by guest , Sep 17, 2008 4:59PM
Oh god please no.
Posted by guest , Sep 17, 2008 5:01PM
What cowards - by looking into the merger, they have admitted that they cannot stand alone, so if it doesn't go through....END GAME....they should have hunkered in and bought all the stock they could - all the pensions stopped their security lending
Posted by guest , Sep 17, 2008 5:02PM
working over this weekend again, are we?
Posted by guest , Sep 17, 2008 5:03PM
God no, don't sell Morgan to hillbillies.
Posted by guest , Sep 17, 2008 5:03PM
I hate to say it, but GS has won...MS is entertaining a harem of crap banks
Posted by guest , Sep 17, 2008 5:04PM
Hilarious to see the white shoed wingtips at Morgan Stanley bought out by the "2nd tier" bankers they despise.
Who's second tier now?
Posted by diablo , Sep 17, 2008 5:06PM
I thought it was going to be SachOvia, ticker SCV. (Though somebody already grabbed the domain sachovia.com).
Posted by Anal_yst , Sep 17, 2008 5:06PM
f*ck, sigh...
Posted by Investorcluzo , Sep 17, 2008 5:07PM
two words: bad idea...
http://www.hulu.com/watch/10310/saturday-night-live-bad-idea-jeans
as reported, ms is having discussions with wb AND others...let's hope there are some better looking others.
Posted by guest , Sep 17, 2008 5:08PM
Charlotte, North Carolina will soon be a more important investment banking center than Manhattan. Fuck it, I'm leaving work early to go drown my sorrows in bourbon. Who's with me?
Posted by guest , Sep 17, 2008 5:08PM
Yeah, you're working this weekend.
At least you'll be able to tell your kids about this week if your laptop hasn't made you sterile.
Posted by guest , Sep 17, 2008 5:10PM
Hilarious to see the white shoed wingtips at Morgan Stanley bought out by the "2nd tier" bankers they despise.
Who's second tier now?
Posted by guest , Sep 17, 2008 5:11PM
what about citi...im almost more owrried abotu them
Posted by guest , Sep 17, 2008 5:11PM
Ha. That is a funny headline..
"Cox Stiffens Rules on Naked Short-Selling"
Posted by guest , Sep 17, 2008 5:11PM
MS is bigger than WB. Bunch of hillbillies gonna get The Knife.
Still an absolutely terrible idea.
Posted by guest , Sep 17, 2008 5:12PM
Charlotte, North Carolina will soon be a more important investment banking center than Manhattan. Fuck it, I'm leaving work early to go drown my sorrows in bourbon. Who's with me?
Posted by DrederickTatum , Sep 17, 2008 5:13PM
So which is worse; merging with Wachovia or Bankruptcy?
Posted by guest , Sep 17, 2008 5:14PM
karma is a b!@ ain't it...
for years ms bankers used wachovia as the butt of their jokes and now...WOW.
Posted by guest , Sep 17, 2008 5:14PM
karma is a b!@ ain't it...
for years ms bankers used wachovia as the butt of their jokes and now...WOW.
Posted by guest , Sep 17, 2008 5:15PM
i love charlotte, quite many cheap woreouses there
Posted by guest , Sep 17, 2008 5:16PM
Merging with Wachovia, definitely.
Still, Morgan's bigger so they should just keep both brand names and HQ in NYC.
Posted by guest , Sep 17, 2008 5:16PM
@22 Ha!
I was going to merge with Wachovia but I decided to have a hot coffee enema instead!
Posted by guest , Sep 17, 2008 5:16PM
blame the devil. btw charlotte seems to have growing business of woreouses
Posted by Investorcluzo , Sep 17, 2008 5:17PM
@22 - I'll tell you what's worse: merging with wb, then falling into bk b/c the damn hillbillies bought a bunch of sub-prime mortgages in california that are going to explode in the next few quarters.
Posted by guest , Sep 17, 2008 5:17PM
DOES THIS MEAN STAN O'NEAL CAN HAVE HIS JOB BACK?
Posted by guest , Sep 17, 2008 5:17PM
I hope WB tanks on the news and they end up having to trade the firm for a ham sandwich.
Posted by guest , Sep 17, 2008 5:17PM
wachovia is still the butt of jokes
i dont see wachovia as a controlling partner
just the deposits and "confidence"
Posted by guest , Sep 17, 2008 5:21PM
Suite and RiRa will soon be inundated with guys from "my new haircut."
-S&J
Posted by guest , Sep 17, 2008 5:22PM
@17 Go fuck yourself. Morgan's going back to JP bitches
Posted by guest , Sep 17, 2008 5:23PM
@14 and 29 are exactly right. Morgan Stanley will never, ever merge with Wachovia. It would solve nothing: Wachovia is in even deeper trouble than MS. Without help from Bernanke and Paulson, both firms will be dead in two months. It is ironic that Morgan Stanley was called in to devise a solution to the problems of Fannie and Freddie. Physician, heal thyself.
Posted by guest , Sep 17, 2008 5:24PM
Wasn't Morgovia the eastern European nation ruled by Dr. Doom in the Fantastic Four?
Posted by guest , Sep 17, 2008 5:24PM
The venerable Morgan Stanley merging with that shithole...christ...
Posted by guest , Sep 17, 2008 5:25PM
Suite and RiRa will soon be inundated with guys from "my new haircut."
-S&J
Posted by guest , Sep 17, 2008 5:27PM
@ Cluzo - you got it.
WB - 60% of thier subprime exposure is in California and Florida. In thier estimates they are using %20 peak to trough for the housing market. IMO peak to trough in california and florida is going to be closer to %60 and for subprime i am going to guess
%80.
Posted by guest , Sep 17, 2008 5:29PM
@27...
Clap Clap Clap... brilliant.
Posted by Investorcluzo , Sep 17, 2008 5:29PM
let's rewind the tape on this one. on yesterday's conf call, colm kelleher (cfo and head of strategic planning) clearly stated in his opening remarks:
"let me also add at this point very clearly that depository institutions do not necessarily
better enable us to execute our business and in fact may bring with them their own set of
complications."
if the reports are true, do the shareholders have a right to sue? I’d like to hear from the legal beagles out there – with the significant drop in today’s trade, I’m sure there are plenty of class action guys/girls waiting to pounce…
Posted by guest , Sep 17, 2008 5:33PM
key word being "necessarily". Like not necessarily if they are WaMu, otherwise "yes necessarily"
Posted by guest , Sep 17, 2008 5:33PM
@39 - 60%/80%? That makes Meredith Whitney look optimistic.
- Dick in CLT
Posted by guest , Sep 17, 2008 5:33PM
Bad idea. Just horrible. I can't think of how merging with that bucket of toxic assets would improve MS's position in anything but the extreme short term.
Posted by DrederickTatum , Sep 17, 2008 5:38PM
@cluzo - You've answered you're own question:
Re-read your quote with an emphasis on "not necessarily" and "may bring their own complications."
Plenty of wiggle room there - Especially when you consider that Kelleher has a congruent duty to extract the most value from MS should negotiations for a merger occur. Any decent lawyer will show that MS was working towards negotiating leverage in case a deal that "doesn't bring complications" arises.
Posted by guest , Sep 17, 2008 5:48PM
@ 39 - subprime mortgages are defaulting at a higher rate than prime.
If i am under water in my house by %40 and i have put nothing down - i am going to walk away or quit paying my mortgage. So while peak to trough may only be %40, for subprime it is going to be a lot higher because the rate of foreclosure is going to be so much higher.
Posted by guest , Sep 17, 2008 5:48PM
Correct me if I am wrong, but Wachovia is the bigger bank, more assetts, more deposits, more shit. MS, welcome to the CLT bitch.
Posted by guest , Sep 17, 2008 5:49PM
The last time Morgan Stanley merged with someone Mack was sent packing after a few years. I hope he learned his lesson and will continue as CEO if/when they merge again. Announcement in 48 hours.
SPODE
Posted by guest , Sep 17, 2008 5:52PM
@ 46:
uhhh
Market Cap MS - 24 B
Market Cap WB - 19.5B
Although yes I'm sure Wachovia has "more deposits, more shit".....
Posted by guest , Sep 17, 2008 5:53PM
48 hrs? they don't have that kind of time - blood in the water with too many sharks - tonight?
but either way, as soon as MS is out of the way, all sights are set on GS, and if they start to look for someone to dance with, there won't be too many options
Posted by guest , Sep 17, 2008 5:55PM
@49. look at revenue, assets, pps based on forward eps, employees, etc.
wachovia will be the dominant partner.
Posted by guest , Sep 17, 2008 5:55PM
20% peak to trough? LMAO @ hillbillies.
How about you clowns go out to Cali and take a look around?
Posted by guest , Sep 17, 2008 5:56PM
SPODE - agreeing that MS would be acquiror. But don't you think Steel (or at least a retail banker, to the extent Steel is at this point) is a better choice? The bigger bitch right now is WB's mortgages. Assuming, of course, that Steel and/or WB agrees to keep its paws off MS for all intents.
There's no way WB calls anyone to cede WB HQ to NY, BTW.
-Dick in CLT
Posted by guest , Sep 17, 2008 5:58PM
I don't think it will happen. The fundamentals on MS are sound, the stock is undervalued. No "undervalued" in the bullshit merger negotiation sense, but actually undervalued. WB is full of highly risky assets. I think MS is smart enough to know that this is the wrong partner at the wrong time.
Posted by guest , Sep 17, 2008 5:59PM
@50
GS will merge with the Fed obviously.
Posted by guest , Sep 17, 2008 6:02PM
This is so depressing. It would be like William Wallace tying a bow on his wife for prima nocta. Sickening...
Posted by guest , Sep 17, 2008 6:04PM
ISSUER: LEHMAN BROTHERS HOLDING INC
SYMBOL: LEH
FILER: FULD RICHARD S JR
TITLE: Chairman of the Board
DATE TRANSACTION SHARES PRICE VALUE
9/15/08-9/16/08 Sale 2,878,302 $0.22 $638,983
OWNERSHIP: 420,382 (Direct) 83,362 (Indirect)
Looks like dick fuld sold 2.88 mln shares of LEH for $.22 for total proceeds of $638,983.
Posted by guest , Sep 17, 2008 6:23PM
WASPs die, and die hard
Plenty of white pussy mercy/pity fucks to be had
Posted by guest , Sep 17, 2008 6:33PM
@53
MS needs a partner not a liability. I'm thinking globally.
SPODE
Posted by guest , Sep 17, 2008 6:46PM
I'm guessing...
Bank of Morgan Stanley China
Posted by guest , Sep 17, 2008 7:15PM
I can't wait to teach the MS bankers how we do things down here at The Wach...
Posted by guest , Sep 17, 2008 7:50PM
Citic
SPODE
Posted by guest , Sep 17, 2008 7:53PM
It's either the hillbillies or the Chinese. Pick your poison.
Posted by guest , Sep 17, 2008 8:03PM
White Shoe meets White Trash
am i good, or am i good?
Posted by Investorcluzo , Sep 17, 2008 8:09PM
@64 - nice
@61 - slow your roll, mack learned from his past mistakes. wb "investment bankers" (are there any?) will be looking for jobs if a deal materializes...
Posted by guest , Sep 17, 2008 9:50PM
Post #62 was at 7:50 PM ET
CNBC 08:34 PM ET
Deal Breaker 8:50 PM ET
Not bad.
Posted by guest , Sep 17, 2008 11:56PM
@64,
Why did you have to rin your otherwise fantastic joke with the request for recognition?
Please don't do that again. Just make your joke and the adulation will follow.
Posted by guest , Sep 17, 2008 11:58PM
@64,
Rin = ruin? doofus.
Posted by guest , Sep 18, 2008 12:01AM
@68,
WTF? Weren't you trying to correct the spelling error in 67 and not 64?
Your sir (or madam) are a raging douchebag.
Posted by guest , Sep 18, 2008 7:46AM
@49:
Clearly, you're not a banker.
Posted by guest , Sep 18, 2008 8:51AM
@ 51 - Wachovia also has a larger number of nimrods, but that does not mean they will drive the bus. If this deal happens, Mack will have the reins, Bob Steel will be back in Manhattan, and all the me-too I-Bankers @ Wachovia will be rolling 401ks in the branch. Take it to the bank!
Posted by guest , Sep 18, 2008 11:42AM
http://en.wikipedia.org/wiki/Mordovia -
Close enough. Not to be confused with Moldavia or Moravia.