Not a substitute teacher, or even a retired teacher.
Not a divorced suburbanite living on alimony.
Not even a CIA developer of mind control video games (per the disinfo tag team, Sorcha Faal and Gordon Duff).
Haven’t we had enough of the lies?
Nancy Lanza was an investment broker working for Morgan Stanley Smith Barney, since joining the firm in June, 2010.
She was registered through them in California, Connecticut, Florida, and New Jersey.
Before that, [...]
This just looks bad on Morgan Stanley.
Reuters reports that around 40-48 advisers at the bank (who run tens of billions of dollars) are thinking of leaving the firm because of “widespread technology problems that have made it difficult to do their jobs.”
They’re so serious about this that they hired a lawyer to help them work out a deal so they can keep their pensions. They even allegedly wrote a letter to CEO James Gorman.
The banks are on high alert.
Hundreds of employees at big firms, some part of special teams, will be on standby this Sunday, awaiting the results of Greece’s pivotal election. They are preparing for the worst case. The fear is that the vote will heighten the chances of Greece exiting the euro and the global financial system will be shaken when the markets open on Monday.
After being largely unprepared for the extreme stress of [...]
It has been a rough month for markets. Waves of bad news from Europe and weak data from of China have helped keep stocks low.
What can we look forward to?
More of the same, and worse according to these 13 experts.
Fleckenstein: We need a crisis before our leaders get their acts together
MrBernardLMadoff via YouTube
Bill Fleckenstein on MSNBC:
Unfortunately, we have elected officials who are completely incompetent, if not criminal, and the Fed is even worse. [...]
NEW YORK (Dow Jones)–Morgan Stanley (MS) is reviewing orders placed by its retail brokerage clients for shares of Facebook Inc. (FB) on a trade-by-trade basis and will make price adjustments if those clients paid too much for the stock, according to people familiar with the situation.
In a memo sent Wednesday to the nearly 17,200 financial advisers of its Morgan Stanley Smith Barney retail brokerage joint venture, the firm says “in [...]
From The Reformed Broker:
I’m not proud of everything I learned to do in my retail brokerage days. I was almost too good at the job, which scared me and shook me to my core (which I like to think is a moral core). Because the job is based on salesmanship over stewardship, subterfuge over transparency.
I exorcised all of my demons in the forthcoming book Backstage Wall Street, but today I have [...]
U.S. stocks fell this week, sending the Dow Jones Industrial Average to the biggest loss since 2008, as the Federal Reserve said risks to the economy have increased and concern grew that policy makers will fail to spur growth.
Equities rebounded today, following a four-day rout that erased $1.1 trillion in value, amid speculation governments will act to prevent a financial crisis. For the week, Alcoa Inc. (AA) and DuPont Co. [...]
Layoffs across Wall Street started in June and have continued through the summer.
Morgan Stanley already begun reducing headcount in its brokerage.
But it looks like things are about to get much worse.
“The firm is “running layoff scenarios into several thousand folks,” said one person with direct knowledge of the matter” to Charlie Gasparino at Fox Business News.
In June, Morgan Stanley’s CFO, Ruth Porat, hinted there would be significant cuts coming to [...]
Courtesy of Mish
I received an interesting email out of the blue yesterday from Archie Kangethe, a Vice President at Morgan Stanley Smith Barney.
Good Morning Mish,
If you have time please check out the chart below from Dr. Kelly at JPMorgan. The data from the US government would lead me to believe we are in the lower left quadrant, but my daily life leads me to believe we are in [...]
Citi Holdings carries the non-core and distressed assets. Panditâ€™s stated plan is to unload Citi Holdings. –> Citicorp is almost 70% non-U.S. business.
Pandit already sold the:
- -Casualty business,
- -Life insurance business,
- -Money management,
- -Smith Barney operations,
- -Operations in Japan, (third largest brokerage & largest Consumer finance in Japan),
- -Credit card operations in Brazil,
- -Various joint ventures in India & Saudi Arabia.
And most notably the biggest chunk of their mortgage operations.
“As previously reported by FOX Business, Morgan Stanley has already cut 200 jobs, mostly support staff, as part of the merging of the two divisions. But people close to the firm say officials at Morgan are far from finished as they attempt to squeeze $1.1 billion in savings from the deal by the end of 2011, and that means slashing jobs, and shuttering hundreds of branches. A Morgan Stanley spokesman [...]