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James Gorman Looks At Today's Smoking Wreckage, Decides He Could Use A Smidge More MS In His Portfolio

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Not only is Morgan Stanley gaining FICC market share, dominating tech IPOs, and not laying off scads of people, but its CEO thinks it's a buy:

James Gorman, chief executive officer of Morgan Stanley, purchased $2.06 million of stock in the firm as the shares touched their lowest level since March 2009.

Gorman bought 100,000 shares today at a weighted average price of $20.62, according to a filing with the U.S. Securities and Exchange Commission. The stock tumbled $1.32 on the New York Stock Exchange, or 6.3 percent, giving Gorman a $92,000 one-day loss on the transaction.

It's unusual for a bank CEO to buy stock, since they usually get pretty full up on it via equity grants (Gorman has $18 million of MS stock). So it's a nice touch, bullish signal, strong statement of his views on MS and perhaps the broader market.

That said the last big U.S. investment bank boss to buy his own stock in the open market was Brian Moynihan, who bought $390k worth of BAC stock in August 2010, which is now worth $265k.

Morgan Stanley Chief Gorman Buys $2.06 Million of Shares as Price Declines [Bloomberg]


Confidential To The Haters: Check Back In With James Gorman About Facebook In A Year

Until then, step off, bitch. Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm's role in Facebook's tumultuous initial public offering, telling employees internally that the firm worked "100% within the rules" and calling the steep decline in Facebook's stock "disappointing." Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said "speculation of nefarious activity" surrounding the social networking company's IPO is untrue. Contrary to some reports, he said, he wasn't "aware of any dissent" among the underwriting firms regarding Facebook's IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company's internal website. Mr. Gorman told employees to "be proud of the job your colleagues did [in the Facebook IPO process] and don't judge us based upon what happened over a couple of days." Commenting on Facebook's stock performance, Mr. Gorman acknowledged the first day of trading "matters" but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months. Morgan Stanley Chief Defends Facebook Handling [WSJ]


Your Bonus Had To Die So That James Gorman’s Could Live

Congrats to Jim Gorman on a strong quarter...wait, really?