BusinessInsider writes that back in February, Moody's warned that Morgan Stanley could
face a massive three-notch downgrade.
According to its own estimates, Morgan Stanley would have to put up
additional collateral and make termination payments totaling up to $7.2
billion.
Speaking at the U.S. Financials Conference in New York
yesterday, CEO James Gorman was quoted saying that a three-notch downgrade
would be "a somewhat stunning outcome."
Will these prove to be the famous last words of James
Gorman? For Morgan Stanley's sake, let's
hope not…..
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