Common sense commentary on the covid 19, politics and the economy.
Morgan Stanley Chief Executive Officer John J. Mack, who will run the largest broker-dealer when the acquisition of Smith Barney from Citigroup Inc. is completed later this year, told employees in a nationwide conference call yesterday that 2009 will be “a difficult year,” mostly because of so many toxic assets that have yet to be cleansed from the bank’s holdings. Among the 529 financial institutions that received loans from American taxpayers, according to data compiled by Bloomberg, Morgan Stanley isn’t yet prepared to pay back the $10 billion it received from the U.S. Treasury in October.
the full story is on the bloombeg website.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQf5gYtkdEBk
It looks like the toxic asset issue may linger on in 2009.
http://financialfactstoday.blogspot.com/2009/03/toxic-to-taxpayers.html
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