聯儲局調查摩根士丹利在次級抵押貸款欺詐

聯儲局調查摩根士丹利在次級抵押貸款欺詐
Feds probe Morgan Stanley over subprime fraud
Wednesday, 12 May 2010 13:17
摩根士丹利股價下跌在調查報導後
Morgan Stanley shares drop on reported probe
By STEPHEN BERNARD (AP) – 32 minutes ago

NEW YORK — Morgan Stanley shares dropped Wednesday following a report that the investment bank is facing an investigation into mortgage derivative deals.
紐約 - 摩根士丹利的股票週三下跌，隨着一份報告投資銀行正面對調查有關抵押貸款衍生工具交易。
Federal prosecutors are investigating whether Morgan Stanley misled investors about its role in a pair of $200 million derivatives whose performance was tied to mortgage-backed securities, according to a report in The Wall Street Journal. The newspaper said Morgan Stanley sometimes bet against the success of the derivatives, which were underwritten and marketed to investors by Citigroup Inc. and UBS AG.
聯邦檢察官正在調查，摩根士丹利是否誤導投資者對它的角色在一對 2億美元的衍生工具，其表現是依賴於抵押貸款支持的證券，根據華爾街日報的報告。報紙說摩根士丹利有時對賭衍生產品的成功，它們由花旗集團和瑞士銀行承保並銷售給投資者。
Shares of Morgan Stanley fell $1.13, or 4 percent, to $27.25 in morning trading.
摩根士丹利的股價下跌1.13美元，或百分之四，在上午的交易至27.25美元。
A spokesman from Morgan Stanley said the bank has not been contacted by the Justice Department about the deals in question and has no knowledge of an ongoing investigation.
摩根士丹利發言人表示，銀行並沒有被司法部接觸，關於有問題的交易及不知道正在進行的調查。
The spokesman said the bank has not received a Wells Notice from the Securities and Exchange Commission. A Wells Notice informs a company that the SEC's staff is recommending bringing charges against the company.

Speaking in Tokyo on Wednesday, Morgan Stanley CEO James Gorman said, "We have no reason to believe there is any substance behind any supposed investigation."

The reported investigation comes as the Securities and Exchange Commission is charging Morgan Stanley competitor Goldman Sachs Group Inc. with fraud over that bank's packaging of mortgage securities. Goldman Sachs is also facing a separate criminal investigation into whether it misled investors about those securities. Goldman has denied the allegations and plans to defend itself against the charges.

Federal regulators have been stepping up their reviews of whether Wall Street banks misled investors when selling derivatives and other risky securities that have been largely blamed for the credit crisis.

Many of the securities were tied to the performance of subprime mortgages. As mortgages increasingly defaulted during the recession, the value of many of the securities collapsed costing investors and the banks billions of dollars.

Morgan Stanley itself lost billions of dollars during the recession and credit crisis on its investments in the mortgage-related securities, including deals tied to commercial real estate loans [ Note: The bank got billions in bailouts etc unlike everyone else going bust because of the way the bank cut credit, positioning it to go on a buying spree].

http://www.theflucase.com/index.php?option=com_content&view=article&id=3479%3Afeds-probe-morgan-stanley-over-subprime-fraud&catid=1%3Alatest-news&Itemid=64&lang=en