Morgan Stanley’s Gorman: What Investigation?
James Gorman, aka “Jimmy G,” is sick and tired of all these reporters suggesting his firm is under some kind of investigation by the Feds. Just because Goldman has been charged by the SEC, doesn’t mean Morgan Stanley, which lost a lot more money than GS during the crisis, also bet against its own shitty CDO deals. All the noise surely points to a conspiracy of short-sellers. And he knows who you are and he will hunt you down. Quick, back to watching Miss USA pole dancing before he catches you.
From Reuters:
He told reporters again on Tuesday that Morgan Stanley had not been notified of an investigation and that the firm had not received a Wells Notice from the Securities and Exchange Commission indicating the likelihood of civil charges.
Morgan Stanley has not initiated an internal review stemming from the investigation as the company was not aware of it, Gorman said.
Gorman is also still trying to figure out why people are so pissed off at Wall Street.
“As an industry, I think it's important that we acknowledge the mistakes that were made in recent years," Gorman said at Morgan Stanley's annual shareholder meeting. "We need to understand why people are so angry at Wall Street."
