From HuffPo: With the kinds of fines bank regulators are handing out
these days, it would almost be criminal for a bank not to break the law.
Morgan Stanley on Monday agreed to pay $5 million to settle
charges by the top securities regulator in Massachusetts, William Galvin, the
latest bitter fruit to fall from the withered tree that is the disastrous
Facebook IPO. According to Galvin, the Morgan Stanley investment banker riding
herd on the IPO gave some non-public information about Facebook to Morgan
Stanley's research analysts (and also the analysts of other IPO underwriters).
Morgan Stanley neither admitted nor denied wrongdoing in
paying its $5 million fine. So why would it agree to pay $5 million, you might
ask? Isn't that a lot of money….
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