Seeing a well known and loved bank's stock price collapse, one would feel sympathy. But not when I read Mack of Morgone Stanley complain about the short sellers. I nearly fell off my USD6,000 chair again. Doesn't he realise that Morgan Stanley borrow billions of stocks every day for lending to hedge funds and that his fat bonuses are propped by the proceeds of the huge stock lending fees that his firm makes?
Another Investment Banker thinking only about himself. So no surprise there, then.
Suddenly it has become clear that the people at the top know nothing. And as for so called financial journalists, this must be a very low day in the tarnished history of financial news reporting.
Rumors abounded yesterday that Bank of America who were bullied into paying silly money for that debt bucket shop Merrill Lynch and it may have made a big mistake. But is this in the newspapers? No. Rumors are they are looking to take out Morgan Stanley as it is a much better proposition. All this talk about the Chinese buying Morgan Stanley is tosh. Why would the US Government let one of its most iconic financial institutions fall into the hands of the enemy? Who is feeding these stories? Maybe I should ask Rob Peston of the BBC. He seems to have lots of inside information that he illegally broadcasts about. What about the market abuse re HBOS? And causing the run on Northern Rock?
Of course I and everyone else will soon be banned from having negative opinions. Rumors will result in 20 years hard labour and the media and press nationalised. It amazes me that the US government haven't banned blogging and bought Google.
