Early this year, a New York State Lottery winner in Brooklyn approached Morgan Stanley with a problem: he needed to borrow hundreds of thousands of dollars before he collected his prize money. The man, a Russian immigrant, wanted money to help move his family to a secure location before he redeemed his ticket and possibly became famous, according to people familiar with the matter who spoke on the condition of anonymity. He also wanted advice about what to do with his prize money, which was in the hundreds of thousands of dollars. The bank's wealth management unit decided to make the loan to win a new customer, a step it is increasingly willing to make as it builds up its brokerage unit...Industry sources said they had never heard of a loan against a lottery ticket, though they cited other examples of atypical collateral that other banks have loaned against, including a client in Texas who borrowed against the future offspring of his prize bulls, and a client who borrowed against future ticket sales of a professional sports team he owned. [Reuters]
Morgan Stanley Moves From Assigning Employees Numbers (Like 1) To Adjectives (Like Fireable)
And the changes don't stop there!
Ex-Morgan Stanley Would Like To Apologize For Stealing Client Info From Ex-Employer/Will Wait For Apology From Hackers Who Stole The Info From Him, Posted It On The Internet
Galen Marsh is sorry for his portion of the crime.
Morgan Stanley Considering Denying (Some) Employees Access To The Building
For the last year or so, Morgan Stanley CEO James Gorman has sent a simple message to employees grumbling about compensation: STFU or GTFO. Now, according to Charles Gasparino, the bank may be telling a few employees to GTFO regardless of whether or not they've been bitching about pay.