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Second Bank Scrambles To Defend Morgan Stanley Against Vicious "Blogger Attack"

Tyler Durden's picture


Earlier today some blog pulled up some factual data that suggested that Morgan Stanley had $39 billion in total exposure against French banks at the end of 2010, up $30 billion from the year prior, and enough to wipe out its entire market cap and then some should French banks be pulled under. Sure enough, the stock tanked even though as CNBC pointed out "there was absolutely no news." Since then, first Credit Suisse defended Morgan Stanley for its "European exposure" (we wonder how long before Morgan Stanley returns the favor and has to defend Credit Suisse for its US exposure: judging by Credit Suisse's maximum outlier 3M USD Libor rate, not too long). And now it is bank #2's turn, in this case Alliance Bernstein, whose conclusion is that "we estimate that total risk to France and its banks is less than $2 billion net of collateral and hedges." Ah yes, collateral and hedges, which, lest we recall incorrectly, did miracles when Lehman blew up and the very fabric of net hedging offset was threatened when the viability of the initiator in the "gross" CDS chain was put into question (thank you AIG). Naturally, if and when the 3 Big French banks go down, everyone will be perfectly normal and have no problem netting of hedges. Naturally. As for the coup de grace in the AB report, it is this piece of rhetorical brilliance: "Over the last six months, there have been 5,600+ articles published by the press on the subject of "French Banks" and "Credit Risk". We believe Morgan Stanley's risk management staff and its trading units are fully aware of the highly publicized risks emanating from Europe and warnings about the firm's potential exposure to a European Sovereign crisis." And there you have it: just because everyone is aware the bank is doomed, means the bank is ok. See, this is nothing like the logic that comedy entertainment icons such as Cramer and Dick Bove used to endorse Bear and Lehman days before both imploded. Then again, the downside for AB to actually tell the truth is substantially higher (as in contagion which takes down the entire banking system, AB included), than the upside from, well, prevaricating. As for abovementioned blog, we are just waiting for the third bank to come to Morgan Stanley's defense to know it was 100% correct.



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Thu, 09/22/2011 - 23:26 | 1699863 JW n FL
JW n FL's picture

EU Banks Infected

Uploaded by on Sep 22, 2011

Fears about another global financial meltdown, continue to grow. Stocks plummeted today, with the Dow Industrial Average at one point falling as much as 527 points. In Europe, Standard & Poor's downgraded the ratings of seven Italian banks and headlines were running wild, about French banks looking for cash in the Mideast, although BNP's CEO denied those claims. This week finance ministers from the BRICS nations are meeting here in Washington at the IMF. But how much good could they really do? Economic Analyst, Gonzalo Lira weighs in.

Thu, 09/22/2011 - 21:35 | 1699591 theotheri
theotheri's picture

Gold continues to tank.....just as I promised you fools.


Thu, 09/22/2011 - 21:41 | 1699607 JW n FL
JW n FL's picture


when Gold gets below $900 and then $650 again.. I will be concerned..

Silver droped how much? 10%(ish) today? I am Buying all the way down...

Thu, 09/22/2011 - 21:46 | 1699627 caerus
caerus's picture

just bought some more au and ag myself...thanks ben!

Thu, 09/22/2011 - 21:55 | 1699656 JW n FL
JW n FL's picture



Right? if he is going to piss away my tax dollars I might as well have some benefit for having paid them in the first place.

Thu, 09/22/2011 - 21:43 | 1699615 Rynak
Rynak's picture


Does that kid ever grow up to become a more sophisticated troll? It appears no matter how many usernames he reserves, no matter how many posts he makes, he doesn't evolve at all. Guess he's paid flatrate.

Thu, 09/22/2011 - 21:44 | 1699616 xtop23
xtop23's picture

 You amuse me. Please tell us about your adventures surfing men's bathrooms on I-95 ready to drop to your knees at the sound of a zipper.

Thu, 09/22/2011 - 21:44 | 1699619 gangland
gangland's picture

this isn't the blog you're looking for

Thu, 09/22/2011 - 21:47 | 1699630 nmewn
nmewn's picture

So, by that market place logic, we should expect .99 cent gas shortly?

Thu, 09/22/2011 - 21:57 | 1699662 Bagbalm
Bagbalm's picture

Gold is held for when there is no dollar to use for a price scale.

Fri, 09/23/2011 - 04:11 | 1700201 Going Loco
Going Loco's picture

But TD forecast that gold would go down if Bernanke disappointed. He did and it did. This makes TD a Fool? I have never before used a bad word on a blog but I am going to do it now. You, Sir, are a Twat.

Fri, 09/23/2011 - 07:37 | 1700340 Ned Zeppelin
Ned Zeppelin's picture

The lack of heroin injections and resulting market convulsion is deflationary and even mighty gold has to bow to the market, but it is still a solid value, and the printing story, when (not if) it resumes, will make you wish you had bought the gold dip.  I'd g long equities for  short ride if things get hairy enough that the Fed announces QE3 whatever form that particular money printing program takes.  Remember, 3 tools: set rates, print or not print, or mouth off/bully pulpit.  That's it.  Just a small box holds them.

Thu, 09/22/2011 - 21:37 | 1699595 disabledvet
disabledvet's picture

what? extra credit? for moi? here let me help you out on that one too:
i'll leave it to your imagination who that might be

Thu, 09/22/2011 - 21:38 | 1699598 nmewn
nmewn's picture

"Ah yes, collateral and hedges, which, lest we recall incorrectly, did miracles when Lehman blew up and the very fabric of net hedging offset was threatened when the viability of the initiator in the "gross" CDS chain was put into question (thank you AIG)."

Paranoia and the people who propagate it can do strange things.

Theres probably a meteor derivative/policy out there floating around with our name on


Thu, 09/22/2011 - 21:42 | 1699611 xtop23
xtop23's picture

Houston, we have a problem.

Houston?................. Houston?

Thu, 09/22/2011 - 21:43 | 1699613 LarryDallas
LarryDallas's picture

Genius writing. "Some blog." Factually accurate snark like that keeps me coming back to ZH. Huzzah TD.

Thu, 09/22/2011 - 21:46 | 1699622 HedgeFun
HedgeFun's picture

How do I do a green arrow up vote for the actual article. Brilliant piece as usual Tyler.

Thu, 09/22/2011 - 21:46 | 1699626 Slow-choke-off
Slow-choke-off's picture

Here is an interesting web site, that shows something about the internet , no one watches some sites, u could be anonymous.;md=index;#m_19503

Thu, 09/22/2011 - 21:53 | 1699651 Slow-choke-off
Slow-choke-off's picture

The universe is truly vast and un-inhabitable. geo/bioengineering is still required.

Thu, 09/22/2011 - 21:49 | 1699629 wang (not verified)
wang's picture



whatever genius engaged SB to publish this must be very short MS, what a damning note


We estimate  that total risk to France and its banks is less than  $2 billion net of collateral and hedges

(some detail on the Collateral and Hedges would be nice  Messrs Sanford and Bernstein)


I did however  take some solace in this sentence:

  most recent FFIEC 009a report, Morgan Stanley has decreased its exposure to France by 34%, falling from $44.7 billion to $29.3 billion

Finally thanks for this very special comment from your report ( I look forward to the 2013 grand jury investigating banker crimes )

 This "new" Morgan Stanley will lead an oligopoly of mega-retail channel distributors—along with BAC, WFC  and SCHW—that willlikely dominate the brokerage market in the  coming decade.

(does anyone know if Madame Defarge has a great great grand daughter)

Fri, 09/23/2011 - 02:49 | 1700158 Kiwi Pete
Kiwi Pete's picture

Well I took solace in the fact that they only have $39.4 billion exposure to that bastion of safety, the Cayman Islands.

Thu, 09/22/2011 - 21:47 | 1699633 johnnysize
johnnysize's picture

I bet Mitsubishi UFJ is pumped they didnt listen to the US and bailed out MS in 2008. How's that JV treating you now? Something tells me that decision was a bad one. What happened to building a global investment bank from scratch? You even had Nomura make all of the mistakes for you. As a wise manager once said, "You need to let the person closest to the target pull the trigger." In this case the trigger was pulled from 5000 miles away and was a 180 degree turn from well established business plan. 

Thu, 09/22/2011 - 21:52 | 1699648 Buck Johnson
Buck Johnson's picture

Almost like Lehman brothers, it's CEO was out there saying everything was okay up until 15 hours later they went belly up.  It logically makes sense, American banks invest in Europe because it's not a third world and it's not developing it's already developed.  Also they can lean on the govt. to help them get their money back in case of an issue because we are all first world and France and other western european countries need the US.  So the invest thinking everything is all right (hey, doesn't that mean the MMF money market funds are heavily invested also in these banks and/or western european financial institutions also?).  But they don't figure on a financial contagion where no matter what you do you can't get your money out in a timely manner or at all.

Morgan Stanley is done and I'm willing to bet anything that Society Generale is backstopped by loans and investments from many of our big banks including Morgan.

Thu, 09/22/2011 - 21:55 | 1699657 High Plains Drifter
High Plains Drifter's picture

yeh and nobody at cnbc said a damn thing about it today either. here we go again....

Thu, 09/22/2011 - 22:41 | 1699762 tekhneek
tekhneek's picture

I agree with you. I'm concerned that the "bail outs" for banks will, as previously, just be consolidated into a single entity which has "many" names. It wasn't that long ago that they started smaller banks and holding companies as basic fronts to run publicly paid money (taxes) to privately held corporations higher up the chain of the "empire" or enterprise in most cases.

Weird times indeed.

Thu, 09/22/2011 - 21:53 | 1699653 High Plains Drifter
High Plains Drifter's picture

but but but ...cramer said today on mad money that we don't have any bank problems on this side of the pond...........

Thu, 09/22/2011 - 22:09 | 1699696 nmewn
nmewn's picture

Its all rainbows & puppy dogs in crammers world of assorted henchmen looking for bagholders.

(Commercial comes on with the proper English accent)...and its only 19.95 and if you order right now!...wait, theres more!!!...we'll double that offer!...not one, but two for the price of one!!!

(Just pay extra shipping & handling charges)

I miss Billy

Thu, 09/22/2011 - 22:56 | 1699789 High Plains Drifter
High Plains Drifter's picture

billy mays snorted blow to help him with his sales  pitch........sometimes i wonder about cramer.  is there anyone alive that talk that shit like cramer?  its like patrick byrne says. he is technically insane.......

Thu, 09/22/2011 - 22:13 | 1699707 JohnG
JohnG's picture

If you in fact listen to "mad money" can I safely assume that it is for entertainment only?


I think......yes.


Thu, 09/22/2011 - 23:02 | 1699800 High Plains Drifter
High Plains Drifter's picture

yeh i listen two or three times a week , just for informational purposes. its amazing after all this time , still so many peoole still trust that dude...

Thu, 09/22/2011 - 22:05 | 1699683 Incubus
Incubus's picture

That blog is called Frozen Truth.


true story.

Thu, 09/22/2011 - 22:06 | 1699687 chump666
chump666's picture

The banks will start downgrading each other soon and shorting each others stocks en masse.

That's when it gets really interesting. 

Cannibals at the

Thu, 09/22/2011 - 22:06 | 1699688 HEHEHE
HEHEHE's picture

Hahaha, hedged?  Good one.  Just like Goldman was hedged re AIG.  Of course nobody in the financial media thinks to ever ask what's the worth of a hedge when the counterparty is also insolvent.  Too f'n funny - hedged, LMFAO!

Fri, 09/23/2011 - 02:54 | 1700162 Kiwi Pete
Kiwi Pete's picture

Had a happy ending for Goldman though. Not so much for the US taxpayer. That's what Morgan will be counting on. Except it will be the French taxpayer this time.

Fri, 09/23/2011 - 04:19 | 1700205 Going Loco
Going Loco's picture

Not possible. French banks too big for French givernment to save. Can't be done. 

Next phase is going to be some sort of attempt at national firewalling; capital movement controls and so forth designed to try to prevent one national financial collapse affecting others. Already seeing it with Greece. Won't work - it's all too intertwined. 

15 May 2010, Mervyn King (Bank of England): "It is absolutely vital, absolutely vital, for governments to get on top of this problem. We cannot afford to allow concerns about sovereign debt to spread into a wider crisis dealing with sovereign debt. Dealing with a banking crisis was bad enough. This would be worse."

Thu, 09/22/2011 - 22:07 | 1699690 onlooker
onlooker's picture

Could be happy news for some.  I may carry a grudge. IMO I am very happy. 

Thu, 09/22/2011 - 22:08 | 1699692 Pancho Villa
Pancho Villa's picture

The problem is that even if the collateral is something other than Greek gov bonds, and even if all of the insurers backing the hedges actually are solid and well capitalized, the complicated rat''s nest of financial relationships between all of the parties involved can take months to untangle. So the whole house of cards can collapse because no one is able to convincingly prove that he is solvent. You really need someone with really deep pockets to step in and hold everything together until people can figure out who is broke and who isn't.

And I don't really see anything like that in Europe. It looks to me as if they are trying to fight a forest fire with a squirt gun.

Thu, 09/22/2011 - 22:09 | 1699698 Dre4dwolf
Dre4dwolf's picture

How about some double spacing ? Wall of Text much?

Thu, 09/22/2011 - 22:10 | 1699702 walküre
walküre's picture


This is confirmation then that MS is counterparty to the CDS risk on Greek default?

Where is short interest at? Can we expect a short squeeze at this juncture? You know they're watching it and when all the world piles in on the short end, there comes the Fed and their squeezer.


Thu, 09/22/2011 - 22:12 | 1699705 PulauHantu29
PulauHantu29's picture

Lehman was rated AAA almost up to the day it went belly up.

That says it all.


Thu, 09/22/2011 - 22:22 | 1699720 Outlaw Of The W...
Outlaw Of The Wasteland's picture

"You're not supposed to say that.  You're supposed to lie."

- Dirty David Faber(jew)

Thu, 09/22/2011 - 22:57 | 1699714 Demogorgon
Demogorgon's picture

Just a huge thank you to ZH. Without a doubt the most informative, most important site on the web for getting the truth of not just the financial markets, but of the entire state of current civilization. Really, one of the preciously few bastions of TRUE journalism.

I can't believe I actually used to watch CNBS. What a fucking waste of time that was...

Fri, 09/23/2011 - 02:45 | 1700152 bid the soldier...
bid the soldiers shoot's picture

Second that. (sorry no avatar)

Thu, 09/22/2011 - 22:19 | 1699716 Outlaw Of The W...
Outlaw Of The Wasteland's picture

bill griffeth and amanda drury say it's all a canard and that the market is off its lows.

cnbc is in violation of the RICO act every minute of everyday.  All but the great santelli

Thu, 09/22/2011 - 22:24 | 1699723 ISEEIT
ISEEIT's picture

Glad you are likely offshore. No F%&king wonder you launched this with identities concealed. Dangerous work it is. Most likely don't appreciate just how dangerous. Sound 'nuts' to you? Then you are an idiot who fails to put your 'today' into the context of history. In other words you are likely a lost soul to be harvested by an elite than never really changes tactically.

When it is said that somethings never change..Defined that means human nature never changes. Only the field we play on. The game is the same. They, with the eager assistance of their cultivated useful idiots rape all that we hold dear.

Same shit, different century.

Thu, 09/22/2011 - 22:26 | 1699731 Absalon
Absalon's picture

Proves they are reading zh.


Low net exposure after off sets and hedges means either - the underlying transactions are some type of sham or they are assuming liquid and continuous markets.  LTCM proved that the assumption of liquid and continuous is erroneous.

Thu, 09/22/2011 - 22:28 | 1699737 chump666
chump666's picture

Kospi at -4.6%  ASX200 running a bulltrap.  Asia looks totally confused.

G20 on wires sounding confused.

Thu, 09/22/2011 - 22:32 | 1699742 Pbn2Au
Pbn2Au's picture

Ahhh, the fine print:

"An affiliate of Bernstein received compensation for non-investment banking-securities related services from the following companies MS / Morgan Stanley"

Thu, 09/22/2011 - 22:37 | 1699751 Arkadaba
Arkadaba's picture

I have a question to which I know there is no answer - just looking for a sampling of opinions and arguments:

How long will the USD be the flight to safety? We saw it today and probably will in the future. What would indicate a breakdown in the USD? Just asking?

Thu, 09/22/2011 - 22:43 | 1699765 Outlaw Of The W...
Outlaw Of The Wasteland's picture

If China floats its currency.

Thu, 09/22/2011 - 22:54 | 1699783 Rynak
Rynak's picture

As for the first question - that depends on:

1. How quickly the fed destroys the dollar (people are blind to slow changes, but the opposite applies to quick changes. And it's not just average joe - after all, it matters for large corporations and entire countries)

2. If, who and how someone else steps in to offer an alternative.... when everything is shit, you don't really have anywhere to go, and at least in the *midterm* PMs also are no alternative, because they can to some extend in the *midterm* be surpressed (this doesn't invalidate longterm investments - but PMs do not address investments that are only concerned with shortterm and midterm considerations).

As for the second question:

Considering that the CBs will do everything they can to stop the landslide, or at least kick down the can until they can no more, i'd assume that you will get only a minimum of a warning period before the dollar begins a rapid dive in a matter of weeks, perhaps days. As another recent article pointed out, that current styles of central planning are more concerned with reducing shortterm volatility, practically guarantees extreme volatility at a later point in time... in principle, one compensates and hides underlying issues, and lets them built up, until it all breaks loose at once.

Another thing to keep an eye on - at least as much as you can considering the info you can get - is CBs making preperations to transition to new currencies (physically backed or not).

Thu, 09/22/2011 - 22:40 | 1699757 Slow-choke-off
Slow-choke-off's picture

Time to go somewhere else I suppose. No intellegent life here, master. Just animals. And they don't know sh!t from shinola. Its a money world. Very primative. Dinisours really.

Thu, 09/22/2011 - 23:00 | 1699797 Pancho Villa
Pancho Villa's picture

Well I may not know shit from shinola. (Actually I don't think I've ever seen shinola.) But I do know how to spell "intelligent", "primitive", and "dinosaur".

Thu, 09/22/2011 - 23:03 | 1699804 bob_dabolina
bob_dabolina's picture

I was going to correct that but I see you fixed it.

Fri, 09/23/2011 - 04:32 | 1700211 DavidAKZ
DavidAKZ's picture

what would you prefer ?

Thu, 09/22/2011 - 22:44 | 1699766 Hard1
Hard1's picture

This is ridiculous. If nobody holds French bank exposure net of hedges, who is the counterparty to those hedges??? French banks maybe?  So they hedged their BNP exposure buy buying CDSs with Calyon as counterparty??? wow! 

Thu, 09/22/2011 - 23:01 | 1699799 Blorf
Blorf's picture

OK, they're hedged, great. The hedging just ensures that when a major bank fails, ALL OF THEM FAIL AT THE SAME TIME.

-- So, no need to pick a specific bank to short. Short one that hasn't completely shit the bed yet.
-- Your put options will be worthless, as they will have been sold to you by a bank.
-- Anyone buying CDS on a major country has lost their mind. There will be no one to pay off CDS on the U.S. if we default.

Thu, 09/22/2011 - 23:12 | 1699823 Rynak
Rynak's picture

Bottom line: Get out of the market and into stuff you actually practically need, and which are useful to you not just in the shortterm. I'm not exclusively talking about "survival plans".... some of that may be useful, but what i mean in general simply is: At this time, don't put your capital into "expectations"... put it into stuff that is practically useful to you anyways, so that the benefits aren't a matter of "the (stock/etf/bond-market)". Invest in reality, not promises.

Thu, 09/22/2011 - 23:39 | 1699885 Cliff Claven Cheers
Cliff Claven Cheers's picture

Agreed completely, since reading zero hedge for 2 plus years, I now have a generator, a years supply of food for five, a water filter, water tanks and fuel tanks.  I am now stocking up on wheat and still in need of a hand mill and a bread maker.

Thu, 09/22/2011 - 23:41 | 1699886 jballz
jballz's picture

sorry if posted alread but

I found the "third bank" none other than People's Bank of America (zerohedge mentioend by name as well)

They believe MS is carbon neutral as well.

Makes you wonder though... if everybody is offset against the european banks then how come the euro banks didn't offset and then not have to do the whole crisis thing?

Somebody's bluffing I bet.


Thu, 09/22/2011 - 23:54 | 1699911 props2009
props2009's picture

Twist operation charts updated with key intermarket analysis.

Fri, 09/23/2011 - 04:42 | 1700217 slewie the pi-rat
slewie the pi-rat's picture

nice call on the USD/CAD yest, propz

Fri, 09/23/2011 - 00:01 | 1699927 mt paul
mt paul's picture

better put a leash

on bernanke and the fed...

or a few trillion more debt dollars

will get thrown in the fire....


bad bernanke

no biscuit 


Fri, 09/23/2011 - 00:27 | 1699968 Rynak
Rynak's picture

If the way i understand it matches, bernanke will get this trillion dollar monetization.... how the populations react to it, is another matter.

See, i usually do not give much about those "perfect plan" theories... in fact, i  usually despise them, because they create a completely arbitrary "deux ex machina" that not only is undisprovable, but also puts bankers up right at the position of gods, by choice of the "conspiracy theory"-creator.

But in this case, the current reaction of the fed, not only makes perfect sense in the context, but actually makes no sense at all except of if one considers the following:

The "market" (whatever that is) got addicted to too much heroin, and priced in something to which it was supposed to react AFTER the fact, instead of ahead of time (the in earlier articles mentioned "surprise effect" - or lack thereof). So, lets address this stupid simple: The market jumps ahead of the schedule, you just put it back where it is supposed to be, so that you can return back to the original schedule, and create a "surprise effect".

Too complicated? Then how about this:

Market expects crack.

Bernanke: No crack for you!

Market: Argh, plunge!

Bernanke: See, much better. Now what's the magic word?

Market: Please oh please oh please! I'm so low!

Bernanke: Okay, good doggie, here you go!

Market: Inflaaaaaaaaaaaaaaaate!

Fri, 09/23/2011 - 01:00 | 1700002 chindit13
chindit13's picture

Lucky you are not in Switzerland, as what you wrote might fall within the widely defined "crimes against a bank".  In Switzerland, that is a very big deal.  The late writer/banker Paul Erdman had stories to tell about that.

Fri, 09/23/2011 - 01:10 | 1700016 props2009
props2009's picture

charts and analysis on MS


Fri, 09/23/2011 - 02:14 | 1700118 Coldfire
Coldfire's picture


Fri, 09/23/2011 - 04:12 | 1700202 Shylockracy
Shylockracy's picture

God bless Tyler's shorts!

In a perverse development, I am starting to enjoy seeing Jim Crimer's agonizing contortions on talmudvision.

Fri, 09/23/2011 - 04:46 | 1700218 slewie the pi-rat
slewie the pi-rat's picture

nice, tyler!

the fuking banksters think we're trolls!!!

Fri, 09/23/2011 - 05:22 | 1700226 French_Fries
French_Fries's picture

I guess you don't care but, in France, SocGen charge "electron libre" (blog) for diffamation. And lots of threads are erased day after day from the biggest cac40 forum (owned by GLE).

Don't panic, "tout va bien".

Fri, 09/23/2011 - 06:00 | 1700239 saiybat
saiybat's picture

ZH caused the euro crisis.

Fri, 09/23/2011 - 07:30 | 1700321 Ned Zeppelin
Ned Zeppelin's picture

Nothing quite like the smugness of stating that exposure is under control because of "collateral" and "hedges."  That was pretty effective with AIG, after Uncle Samuel was forced by Goldman to "top off the tank" over at AIG lest it go under.  Sad.  It's easy to miss that if everyone is hedged with everyone else, no one is hedged.  Solvent, liquid counterparties needed for that to work.  And no one knows the exposure of these banks under their CDSs.

Fri, 09/23/2011 - 10:31 | 1700937 Village Smithy
Village Smithy's picture

We have come to an intersting place in the history of journalism. We have the anonymous blogger more dedicated to the truth by being  insulated from outside influence. Nor is he beholding to any particular institution or corporation for revenue, his site is assigned adds based solely on traffic and demographics. Yet his words have become important enough to move markets, yesterday MS, last week MBI. Can this person(s) remain anonymous when they have obtained this level of influence ? Certainly we hope so, afterall there are enough anonymous market movers out there already. The only difference being that they do not share their information.   

Sun, 10/02/2011 - 14:19 | 1731054 Blue Blood Mutiny
Blue Blood Mutiny's picture

Keep in mind the author of the report was a MD at Morgan and its Treasurer.. from the fine print:


Brad Hintz, as a former Managing Director at  Morgan Stanley Group (MS), owns an equity position in MS that is held in a Morgan StanleyGroup ESOP Trust at Mellon Bank as convertible preferred stock. These MS ESOP securities were awarded to him as compensation andare fully vested. Mr. Hintz is also an investor in Morgan Stanley Capital Partners III, LP —a merchant banking fund where Morgan Stanleymaintains an equity interest as a limited partner. Mr. Hintz participates in the Morgan Stanley Pre Tax Investment Plan, which is a deferredcompensation plan structured as a note to Mr. Hintz from Morgan Stanley with the return on the note tied to one of many alternative assetclasses. In addition, as a result of the complete spin-off of Discover from Morgan Stanley on June 30, 2007, Mr. Hintz received a longposition in Discover stock as a beneficiary of the Morgan Stanley ESOP. These shares of Discover will ultimately be distributed to Mr. Hintzby the ESOP trustee.
Tue, 03/13/2012 - 09:19 | 2250000 Gelir
Gelir's picture

Interesting blog. It would be great if you can provide more details about it. Thanks you. Sohbet Chat Thanks for admin.nice sharing.very nice..

Thu, 04/26/2012 - 04:59 | 2375862 Ashley13
Ashley13's picture

Reliable sufficiency, the supply tanked still tho' as CNBC pyramid out there was absolutely no tidings.642-813 Since then basic Title Issue defended Money man Adventurer for its Inhabitant 70-680 exposure we ruminate how nightlong before Soldier Stanley returns the advantage and has to hold Title Issue for its US 70-640 exposure: judging by Assets Surmise's extreme outlier 3M USD Libor rate, not too unsound.SY0-301

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