The Sarcasm Report v.246

September 28, 2015
Morgan Stanley's stock market guru explains why everything you know is worthless

Everything you think you know is wrong.

Here is something I thought I knew. Morgan Stanley didn't understand risk heading into the Great Recession.

August 22, 2011
Morgan Stanley at Brink of Collapse Got $107 Billion From Fed

Aug. 23 (Bloomberg) -- As markets convulsed in September 2008, Morgan Stanley Treasurer David Wong briefed the Federal Reserve on a “dark” scenario in which the U.S. firm would need at least $10 billion of emergency loans from the central bank.

It got 10 times darker by month’s end. Morgan Stanley borrowed $107.3 billion, the most of any bank, according to data compiled by Bloomberg News using information released in response to Freedom of Information Act requests, related court orders and an act of Congress.

Pretentious asswipes.

I thought it was wrong to swear on this blog, but apparently I was mistaken. What can I say? Everything we thought we knew is wrong.