Morgan Stanley Joins The Writedown Partay
Doesn’t it feel like we haven’t heard from Morgan Stanley in decades, besides the cryptic messages an analyst from the power and utilities group leaves on Carney’s voicemails every now and then that are mostly just heavy breathing punctuated by moments of epileptic crying? It’s probably because the securities firm hasn’t been screwing things up nearly as badly as everyone else. Luckily, that tide is turning. Mo’ Stan may write down $6 billion due some bad luck with mortgages, etc, and Fox-Pitt Kelton Cochran Caronia Waller analyst David Trone, the poor man’s Meredith Whitney, has cut his recommendation from ``in line'' from ``outperform.'' It’s not as impressive as the work Merrill Lynch and Citigroup have been doing, and John Mack can probably forget about being fired, but it’s something.
Morgan Stanley Writedowns May Reach $6 Billion, Fox-Pitt Says [Bloomberg]
Comments
Haha wow "the poor man's Meredith Whitney" ??
Not really fair to Trone, I used to work with him before I moved to the buy-side he is a very smart analyst.
Posted by: series7.5 | November 6, 2007 02:34 PM
no and fox-pitt is a great firm
Posted by: Anonymous | November 6, 2007 03:00 PM
fox-pitt has some good analysts. trone, roger smith for asset managers. howard shapiro is okay too he is definitely an acquired taste however i would say he has some different perspective among sell-siders having spent fours years as an investor at federated
Posted by: series7.5 | November 6, 2007 03:15 PM
in terms of looks, trone is DEFINITELY the poor man's Meredith Whitney.
Posted by: Anonymous | November 6, 2007 03:18 PM
http://www.rgemonitor.com/blog/roubini/224871
Posted by: Anonymous | November 6, 2007 04:50 PM
http://www.rgemonitor.com/blog/roubini/224871
Posted by: anonymous | November 6, 2007 04:52 PM
c'mon, how can you not like a firm with 6 names to it.
plus doesnt JC flowers own half of it (CCW pre-merger), they should add his name to it and go for the lonest name ever...
FPKCCWF - even abbrviated it's long...
Posted by: Anonymous | November 6, 2007 05:11 PM
i thought Flowers owned half of FPK - he backed the mgmt buyout from swiss re
Posted by: Anonymous | November 6, 2007 05:47 PM