Morgan Stanley Unit Accused of High-Pressure Sales Tactics |
-23 |
2016-10-03 00:00:00 |
The case is In the matter of Morgan Stanley Smith Barney LLC, E-2016-0055, Commonwealth of Massachusetts, Office of the Commonwealth, Securities Division (Boston).
In the administrative complaint filed Monday, Massachusetts Secretary of the Commonwealth William Galvin accused the Morgan Stanley unit of “dishonest and unethical conduct” within the state and Rhode Island.
Morgan Stanley slid 0.3 percent to $31.97 at 4 p.m. in New York, compared with the 0.4 percent decline for the 64-company S&P 500 Financials Index.
Wells Fargo shares fell 1 percent, extending its drop for this year to 19 percent, the worst performance in the index.
The unit allegedly used a contest to push securities-based loans on customers from January 2014 to April 2015. |
MS |
{"Chris Dolmetsch Dakin Campbell","Chris Dolmetsch","Dakin Campbell"} |
855 |
Ex-Morgan Stanley Trader Caught in SEC Mortgage-Bond Probe |
-15 |
2016-09-27 00:00:00 |
He stopped working at Morgan Stanley in February 2016, according to employment records maintained by the Financial Industry Regulatory Authority.
Morgan Stanley declined to comment.
The SEC last month settled with a former Goldman Sachs Group Inc. trader, Edwin Chin, who was accused of similarly misleading customers.
Nicholas Michael Bonacci, a former mortgage-bond trader at Morgan Stanley, was fined by the Securities and Exchange Commission and suspended from the industry for a year for misleading customers about the value of the securities they were buying, causing them to pay more.
The settlement is the government’s latest after a multi-year investigation into possible wrongdoing in the trading of mortgage bonds and other securitized debt. |
MS |
{"Matt Scully Matt Robinson","Matt Robinson","Matt Scully"} |
373 |
Morgan Stanley says Wells Fargo stock inexpensive; raises rating |
-7 |
2016-09-20 14:05:41+00 |
The logo on a Wells Fargo bank building is seen in downtown San Diego, California March 18, 2014.
Wells Fargo's shares have fallen about 8 percent since the company disclosed the settlement on Sept. 8.
Wells Fargo's shares were up 2.2 percent at $47.02 in premarket trading on Tuesday.
"The upgrade comes on a day when Wells Fargo Chief Executive John Stumpf is testifying before the Senate banking committee in connection with the case.
REUTERS/Mike BlakeThe recent decline in Wells Fargo & Co's (WFC.N) share price after the bank agreed to settle a fraud case with regulators makes the stock an attractive buy, Morgan Stanley said, raising its rating to "overweight. |
MS |
{"Reuters Editorial"} |
374 |
Morgan Stanley pays $1 million SEC fine over stolen customer data |
-16 |
2016-06-08 21:36:47+00 |
"Given the dangers and impact of cyber breaches, data security is a critically important aspect of investor protection," Andrew Ceresney, director of the SEC enforcement division, said in a statement.
According to the SEC, Morgan Stanley violated a federal regulation known as the Safeguards Rule by failing to properly protect customer data, allowing Marsh to access names, addresses, phone numbers, and account holdings and balances.
The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City, January 20, 2015.
Marsh accepted a related five-year securities industry ban from the SEC, the regulator said.
(Reporting by Jonathan Stempel in New York; Editing by Chris Reese and Richard Chang) |
MS |
{"Jonathan Stempel"} |
376 |
Morgan Stanley (MS) Slapped With $1 Million Fine Over Client Data Breach |
-14 |
2016-06-09 05:59:14+00 |
Following the discovery of the incident, Morgan Stanley promptly alerted law enforcement and regulators, and notified affected clients,” Morgan Stanley reportedly said in a statement.
Morgan Stanley has agreed to pay a $1 million penalty to settle charges related to its failure to protect customer data, the U.S. Securities and Exchange Commission said in a statement released Wednesday.
The SEC action stems from incidents between 2011 and 2014, when Galen Marsh — then a Morgan Stanley broker — took data from roughly 730,000 accounts, some of which were hacked and put for sale online.
“Given the dangers and impact of cyber breaches, data security is a critically important aspect of investor protection.
For these portals, Morgan Stanley did not have effective authorization modules for more than 10 years to restrict employees’ access to customer data based on each employee’s legitimate business need.”Morgan Stanley agreed to settle the charges without admitting or denying the SEC’s findings. |
MS |
{} |
377 |
Kathleen Kane, Former Pennsylvania Attorney General, Is Sentenced to Prison |
-62 |
2016-10-25 00:00:00 |
Ms. Kane developed a reputation for trying to intimidate critics, and described herself as a victim of the entrenched boys’ club she was threatening.
Ms. Kane emphasized her status as the outsider and the only woman in the race.
A daughter of a janitor and a secretary, Ms. Kane grew up in Scranton and worked there as an assistant district attorney, specializing in prosecuting sex crimes.
Ms. Kane said the cases had been mismanaged and too weak to prosecute; local prosecutors later proved her wrong, winning convictions against four of the five officials.
A year later, when The Philadelphia Inquirer revealed that the operation had taken place and that Ms. Kane had shut it down, she faced claims of partisan favoritism. |
MS |
{"Richard P Rez-pe A","Jon Hurdle"} |
938 |
Morgan Stanley sued for using 'sales contests' to churn out loans |
-7 |
2016-10-03 00:00:00 |
Morgan Stanley ran "sales contests" targeting loans to wealthy clients.
Massachusetts has sued Morgan Stanley, accusing the bank of dishonest conduct to meet sales goals.
Indeed, Morgan Stanley eliminated the practice after more than a year of conducting sales contests in 2014 and 2015 across Massachusetts and Rhode Island.
According to bank documents cited in the lawsuit, Morgan Stanley rewarded employees with an extra $1,000 for making 10 loans, $3,000 for 20 loans, and $5,000 for making 30 loans.
Morgan Stanley (MS) defended its actions. |
MS |
{"Jose Pagliery"} |
433 |
Banker on Macron Campaign Seeks Back Pay in Morgan Stanley Suit |
-13 |
2016-10-05 00:00:00 |
In a brief hearing Friday, punctuated by terse exchanges, Morgan Stanley lawyers said that Mourad’s resignation from the bank a year ago ended his right to the deferred pay.
In 2015, Mourad became chairman of Altice Media Group, which backs several news outlets such as French newspaper Liberation, after he quit Morgan Stanley.
“He resigned to join his best client, Patrick Drahi,” Francois Farmine, a lawyer for Morgan Stanley, said last week during the first hearing of the case.
Bernard Mourad, a former Morgan Stanley banker who just joined Emmanuel Macron’s political campaign after a stint with telecom tycoon Patrick Drahi, is suing the lender for more than 1 million euros in deferred compensation.
“I don’t quite see what an ad hominem attack has to do with this procedure.”Hugh Fraser, a spokesman for Morgan Stanley, declined to comment on the case, as did Mourad. |
MS |
{"More Stories Gaspard Sebag","Gaspard Sebag"} |
435 |
Employees sue Morgan Stanley over 401(k) plans |
-8 |
2016-08-19 00:00:00 |
"The case is of vital importance because today 401(k) retirement plans have become the primary tool for retirement planning and savings for millions of working Americans," the lawsuit states.
The suit claims that the company mismanaged its own employees' retirement plans by offering poorly performing funds and charging excessive fees.
Related: MIT, NYU, Yale sued over retirement plan feesUnder the federal Employee Retirement Income Security Act (ERISA), companies that sponsor 401(k) plans have a "fiduciary responsibility" to act in the best interest of their employees.
At least eight were filed, including suits against Massachusetts Institute of Technology, New York University, Yale University, Duke University, Emory University, Johns Hopkins University, the University of Pennsylvania, and Vanderbilt University.
The suit also alleges that the company used the 401(k) plan as an opportunity to promote its own business and maximize profits at the expense of its employees. |
MS |
{"Katie Lobosco"} |
436 |
'We Are Running Under the Radar': Morgan Stanley in $3.2 Billion Mortgage-Bond Pact |
-26 |
2016-02-11 00:00:00 |
As part of the deal, Morgan Stanley admitted to having increased the level of risky loans that backed the securities it created.
The accord announced Thursday follows other regulatory actions against Morgan Stanley over similar allegations.
In 2014, Morgan Stanley agreed to pay $1.25 billion after the Federal Housing Finance Agency accused it of selling faulty mortgage-backed securities to Fannie Mae and Freddie Mac.
That’s more than the $2.2 billion that has gone to all other states combined from the joint settlements.
Illinois is receiving $22.5 million in a related settlement, the U.S. Justice Department said in a statement. |
MS |
{"Christie Smythe"} |
527 |
5 Years Later, Jon Corzine May Avoid Trial With $5 Million Settlement |
-30 |
2016-10-07 00:00:00 |
A settlement of the case would come as Mr. Corzine has started to slowly, and quietly, raise his profile.
Even so, the settlement would put to rest the last major liability facing Mr. Corzine, who already settled much of the private MF Global litigation this summer.
As such, the settlement would offer closure to Mr. Corzine five years after the episode derailed his long Wall Street career and subjected him to federal scrutiny, civil and criminal alike.
took aim at Mr. Corzine for not preventing the disappearance of more than $1 billion in customer money.
We need to take the keys away from him.” Mr. Corzine nicknamed this person “the Gravedigger.”On the evening of Oct. 27, 2011, Mr. Corzine was informed that while MF Global had plenty of available assets, only $82 million was in cash. |
MS |
{"Ben Protess"} |
545 |
Morgan Stanley pays $1 million privacy penalty |
-13 |
2016-06-08 00:00:00 |
Morgan Stanley agreed to settle the charges without admitting or denying the findings.
The Securities and Exchange Commission had issued an order finding that the investment bank failed to adopt adequate written policies and procedures to protect customer data.
Following the discovery of the incident, Morgan Stanley promptly alerted law enforcement and regulators, and notified affected clients.
Morgan Stanley headquarters, near Times Square, in New York on Aug. 12, 2014.
(Photo: Richard Drew, AP)Morgan Stanley has agreed to pay $1 million to settle charges for failing to protect consumer data, some that were offered for sale online after a hacking incident, federal officials said Wednesday. |
MS |
{"Mike Snider","P M","Edt June"} |
550 |
MS, HAL, RAI, SVU, WFC, YHOO, INTC, SBUX & more |
-8 |
2016-10-19 00:00:00 |
Reynolds American — The tobacco producer missed estimates by three cents a share, with quarterly profit of 61 cents per share.
Intuitive Surgical — Intuitive Surgical reported adjusted quarterly profit of $6.19 per share, well above estimates of $5.14 a share.
Yahoo — Yahoo reported adjusted quarterly profit of 20 cents per share, six cents a share above estimates.
Intel — Intel beat estimates by seven cents a share, with adjusted quarterly profit of 80 cents per share.
Visa — The credit card issuer increased its quarterly dividend by 2.5 cents to 16.5 cents per share, a rise of 18 percent. |
MS |
{"Peter Schacknow"} |
778 |
How One MS Drug Got Its Start in Chinese Folklore |
-7 |
None |
ENLARGE Researchers in Japan and at Novartis turned a fungus that is deadly to cicadas into a new MS drug.
The drug, assuming it gets final FDA approval, would significantly expand the treatment options for the hundreds of thousands of Americans with MS.
Now a drug drawing on that age-old lore is poised to become an important new treatment for multiple sclerosis.
For centuries Chinese medicine has seen restorative properties in an Asian fungus that invades and destroys insects.
Chinese herbal medicine had long identified Isaria sinclairii as a source of "eternal youth" along with ginseng and deer antlers. |
MS |
{"Peter Landers"} |
706 |
Morgan Stanley note on the chance of Britain staying in the EU |
-9 |
2016-10-10 00:00:00 |
"More likely than staying in the EU, Nell and Baker argue, is the chance for a "soft Brexit" — something that many have started to rule out in recent weeks.
A "hard Brexit" is seen as Britain leaving the single market and making a complete break from Europe.
For the sake of illustration, say there is a 66% chance of early election, a 25% chance of the opposition running on a Remain or a "second vote" platform,and a 50% chance of opposition victory.
There is a small chance that the UK could still stay in the European Union, despite the country's vote to leave the bloc, according to new research from economists at Morgan Stanley.
"There is still some space for a 'soft Brexit' where the UK retains enhanced access to the single market. |
MS |
{"Will Martin"} |
743 |
Mount students try camping for a cause |
-15 |
2016-11-23 20:26:45+00 |
Call for safety firstSpectra Energy is overseeing the expansion of the natural gas line across the Indian Point property.
“Water protectors,” as Ms. Bogan said the protesters call themselves, fear possible oil leaks could contaminate the area’s water supply.
Kelcy Warren, Energy Transfer Partners’ chief executive officer, stated that he would not re-route the oil pipeline.
They used their living situation to spur awareness of the plight of Native Americans protesting against the planned 1,170 mile North Dakota Access oil pipeline.
“City by city, block by block, we stand with Standing Rock,” said Ms. Anderson and Ms. Bogan as they prepared to give their presentation to the nearly one dozen students who came out. |
MS |
{"Lisa Herndon"} |
1027 |
Morgan Stanley To Pay $3.2B For Misleading Investors About Mortgage-Backed Securities |
-9 |
2016-02-12 07:11:39+00 |
Morgan Stanley reached a $3.2 billion settlement Thursday with state and federal authorities in the U.S. over its role in the 2008 subprime mortgage crisis.
This is partly because Morgan Stanley did not issue mortgages to home buyers it suspected would not be able to pay them.
So far, in addition to Goldman Sachs and Morgan Stanley, Bank of America and JPMorgan Chase have also agreed to pay billions of dollars for misleading investors about the quality of the CDOs and the risks associated with the underlying loans.
Under the terms of the deal, New York will receive $550 million of the $3.2 billion settlement — $400 million worth of consumer relief and $150 million in cash.
The deal comes less than a month after Goldman Sachs agreed to shell out over $5 billion to resolve claims stemming from securitization and sale of mortgage-backed securities between 2005 and 2007. |
MS |
{} |
828 |
Drug Giant Faced a Reckoning as China Took Aim at Bribery |
-172 |
2016-11-02 00:00:00 |
In China, Glaxo has promised to overhaul its operations and has put in place stricter compliance procedures.
They visited Lanson Place, the upscale apartment complex where Mr. Reilly lived when the sex tape was made.
At the meeting, Mr. Reilly asked the investigator to look into the break-in at his apartment.
The travel agency also supplied Mr. Reilly with women, as a way to secure that business.
According to the email, Glaxo funneled money through the travel agency to pay off doctors. |
MS |
{"David Barboza"} |
1047 |
Morgan Stanley charged with running unethical sales contests: regulator |
-19 |
2016-10-03 20:48:09+00 |
The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013.
Morgan Stanley said the complaint has no merit and that the company plans to defend itself vigorously.
REUTERS/Mike Blake/File PhotoBOSTON Morgan Stanley was charged with "dishonest and unethical conduct" by Massachusetts' top securities regulator on Monday for having pushed its brokers to sell loans to their clients.
But Galvin charges that Morgan Stanley executives were slow in discovering the improper sales contests, failed to shut them down immediately, and downplayed the risk associated with the SBLs.
The incentives were: $1,000 for 10 loans, $3,000 for 20 loans, and $5,000 for 30 loans, Galvin said, adding that performance was closely tracked by supervisors. |
MS |
{"Svea Herbst-bayliss"} |
836 |
Morgan Stanley Fined Over Lapses Tied to Adviser’s Data Breach |
-8 |
2016-06-08 00:00:00 |
The information he took included client names, addresses, telephone numbers, account numbers, fixed-income investment information and account values.
The bank “worked quickly to protect affected clients by changing account numbers and offering credit monitoring and identity theft protection services.”
The bank failed to adopt federally required written policies and procedures to protect customer data, the SEC said in a statement Wednesday.
Account information for about 900 clients was found on an external website.
Morgan Stanley was fined $1 million by the U.S. Securities and Exchange Commission to settle allegations that it failed to protect customer data improperly taken by a former financial adviser. |
MS |
{"More Stories Matt Robinson","Matt Robinson"} |
837 |
Barclays accused of making 346 million pounds in ‘sham’ payments to Qataris |
-13 |
2016-02-20 00:00:00 |
The bank said: "We believe the claim against Barclays is misconceived and without merit and Barclays will be vigorously defending it.
"A lawyer for the Qatari investors declined to comment, as did Ms. Staveley.
Sheikh Mansour bin Zayed al Nahyan of Abu Dhabi, meanwhile, invested £3.5 billion through PCP; Ms. Staveley was eventually paid £30 million for her work on the deal.
He led the capital-raising for Barclays and she alleges that he acted dishonestly.
PCP accuses Barclays of deceit and argues that Ms Staveley was promised the same deal offered to Qatar, relying chiefly on representations made by Roger Jenkins, then the bank's executive chairman of investment banking. |
MS |
{"Caroline Binham","Adam Jeffery","Financial Regulation Correspondent"} |
856 |
Glaxo Rehires Executive Investigated as a Whistle-Blower |
-33 |
2015-08-05 00:00:00 |
Advertisement Continue reading the main storyGlaxo executives have never publicly said they suspected Ms. Shi of being the whistle-blower.
In a news release on Tuesday, Glaxo acknowledged only that the executive, Vivian Shi, whom the company investigated over making accusations of fraud and corruption, had rejoined the company.
But several people who had worked for Glaxo said the company believed she had spurred a campaign against Glaxo in China in 2012 and 2013.
Ms. Shi, who could not be reached for comment, was fired from her job as the head of government relations in China in December 2012.
PhotoSHANGHAI — GlaxoSmithKline said on Tuesday that it had rehired a former executive whom the company once suspected of being the whistle-blower in a scandal at its Chinese operations. |
MS |
{"David Barboza"} |
887 |
Italian prosecutor proposes Morgan Stanley pay $3.2 billion over derivatives |
-15 |
2016-08-03 22:51:39+00 |
REUTERS/Mike SegarAn Italian prosecutor has proposed that Morgan Stanley pay 2.9 billion euros ($3.2 billion) to settle derivative transactions, the bank said on Wednesday in a securities filing.
Morgan Stanley received the proposed claim on July 11 from the public prosecutor for Court of Accounts for the Republic of Italy.
"We believe that this proposed claim is groundless and we will defend ourselves vigorously," a Morgan Stanley spokesman said.
The derivative transactions originated between 1995 and 2005 and were terminated in December 2011 and January 2012, according to the filing.
The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City, New York, U.S. January 20, 2015. |
MS |
{"Olivia Oran"} |
897 |
Morgan Stanley Discloses $3.21 Billion Italian Swaps Claim |
-9 |
2016-08-03 00:00:00 |
Mark Lake, a Morgan Stanley spokesman, said the proposed claim is groundless and that the bank will defend itself vigorously.
Morgan Stanley said an Italian prosecutor may seek as much as 2.88 billion euros ($3.21 billion) over allegations that derivatives the investment bank sold more than a decade ago were improper and unfairly unwound.
Italy had paid Morgan Stanley $3.4 billion to unwind interest-rate swaps and options that had backfired, as it was cheaper than renewing the contracts, Bloomberg reported in 2012.
Italy’s Court of Accounts, the country’s state auditor, sent Morgan Stanley the proposed claim over derivatives created from 1999 through 2005 and terminated by 2012, the New York-based bank said Wednesday in a quarterly regulatory filing.
Across Italy, cities faced with shrinking income and rising expenses bought swaps from U.S. firms to cut short-term interest costs, putting them at risk of paying more in the long run. |
MS |
{"Hugh Son Laura J Keller","Hugh Son","Laura J Keller"} |
898 |
Wall Street's New Dirty Words |
-15 |
2016-10-03 00:00:00 |
"Wells Fargo and Morgan Stanley aren't the first to run into problems with this type of thing.
Cross Reference Google Trends shows that searches for "cross-sell" reached a peak last month after Wells Fargo was fined for its fake-accounts scandal.
"As a result, don't be surprised if the words "cross-selling" suddenly disappear from the banker lexicon.
Now, the Massachusetts Secretary of the Commonwealth William Galvin is charging Morgan Stanley Smith Barney with running an "unethical sales contest to cross-sell banking business to brokerage customers.
The firm allegedly downplayed the risks of the loans, such as the possibility that Morgan Stanley may liquidate clients' positions without notification under certain circumstances. |
MS |
{"Michael P"} |
372 |
Hong Kong’s Markets Regulator Fines Morgan Stanley $2.4 Million |
-15 |
2016-08-24 00:00:00 |
Hong Kong’s securities regulator fined a Morgan Stanley unit HK$18.5 million ($2.4 million) over internal control failures.
The Morgan Stanley unit co-operated in resolving regulatory concerns, SFC said in the statement.
Nick Footitt, a Hong Kong-based spokesman for Morgan Stanley, declined to comment.
The Securities and Futures Commission said in a statement Wednesday that Morgan Stanley Hong Kong Securities Ltd. failed to avoid conflicts of interest, comprehensively document elements of its electronic trading systems, or meet disclosure requirements related to short-selling orders.
The commission in August 2015 fined BNP Paribas SA’s local unit HK$15 million for breaching rules for operating dark pools. |
MS |
{"Eduard Gismatullin","Eduard Gismatullin Cathy Chan","Cathy Chan"} |
378 |
Morgan Stanley Fined Over Lapses Tied to Adviser’s Data Breach |
-8 |
2016-06-08 00:00:00 |
The information he took included client names, addresses, telephone numbers, account numbers, fixed-income investment information and account values.
The bank “worked quickly to protect affected clients by changing account numbers and offering credit monitoring and identity theft protection services.”
The bank failed to adopt federally required written policies and procedures to protect customer data, the SEC said in a statement Wednesday.
Account information for about 900 clients was found on an external website.
Morgan Stanley was fined $1 million by the U.S. Securities and Exchange Commission to settle allegations that it failed to protect customer data improperly taken by a former financial adviser. |
MS |
{"More Stories Matt Robinson","Matt Robinson"} |
375 |
Morgan Stanley Brokers Pushed Loans to Win Dinners |
-41 |
2016-10-04 00:00:00 |
("Jim Wiggins, a Morgan Stanley spokesman, said the company objects to the allegations and intends to defend itself 'vigorously,'" says Bloomberg News.
But the Massachusetts Securities Division didn't like it, and has brought an administrative complaint against Morgan Stanley.
No one at Morgan Stanley seems to have been fired, or threatened with firing, for not opening enough portfolio loan accounts.
Attracting more assets, selling more products and charging more fees brings in more revenue for Morgan Stanley, and advisers get a cut of that.
Anyway, the Morgan Stanley advisers seem to have done their best to sell lending products and earn client-entertainment allowances, out of all proportion to their economic value, so this program was a success for Morgan Stanley, albeit on a small scale (because it was run only in five offices in Massachusetts and Rhode Island). |
MS |
{"Leonid Bershidsky","Francis Wilkinson","Jonathan Bernstein","Matt Levine","Megan Mcardle","Justin Fox","Daniel Gordis","Mark Whitehouse"} |
434 |
How Banks Are Losing Clients to Their Own Employees |
-24 |
2016-10-17 00:00:00 |
It all depended on a gift from Morgan Stanley: Years earlier, the bank had signed away its right to sue.
The unintended consequences are straining the agreement, with some big firms like JPMorgan Chase & Co. reinterpreting it or even partly opting out.
A critical part of their playbook is the tricky task of invoking the industry protocol, without running afoul of regulations or employment contracts.
Morgan Stanley, which declined to comment, joined the protocol two years later.
Then on Friday, Sept. 9, the group resigned from Morgan Stanley and re-registered ownership of Hamburger’s protocol-member company in their own names. |
MS |
{"Neil Weinberg"} |
511 |
The Morning Ledger: Morgan Stanley Wins With Bayer-Monsanto Deal |
-44 |
2016-10-21 00:00:00 |
As part of the $57 billion deal for seed giant Monsanto, Morgan Stanley would collect $120 million if the deal closes, the second-largest such fee on record.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning.
Get the free Morning Ledger emailed to you each weekday morning by clicking here, or at: http://on.wsj.com/TheMorningLedgerSignup
The German business software provider said it now expects full-year operating profit to be in a range of €6.5 billion to €6.7 billion ($7.1 billion to $7.3 billion), compared with €6.35 billion in 2015.
Then again, Morgan Stanley needs to make up for the revenue it lost when Pfizer Inc. and Allergan PLC called off their $150 billion merger earlier this year. |
MS |
{"Maxwell Murphy"} |
652 |
A ‘Sad Case’ Suspect, Scared Pale as Police Swarmed His House in N.S.A. Case |
-18 |
2016-10-06 00:00:00 |
agents swarmed the neighborhood, blocked off streets and stormed Mr. Martin’s modest two-story house.
Ms. Dincher, Mr. Martin’s neighbor, described a man who was busy and reserved but never unfriendly.
The agents kept Mr. Martin, who was wearing a T-shirt and shorts, outside his home for several minutes before taking him away.
She called Mr. Martin “a good man.”First Draft Political news and analysis from the staff of The New York Times.
They gave her son Mr. Martin’s gaming chair, designed for video game players, and a mattress for her dog to sleep on. |
MS |
{"Nicholas Fandos","Scott Shane"} |
696 |
Australia Housing Boom Peak Has Passed, Morgan Stanley Says |
-10 |
2016-10-20 00:00:00 |
Australia’s housing boom has passed its peak, with a looming apartment glut set to lead to a sharp slowdown in future developments, according to Morgan Stanley.
The housing slowdown, combined with a decline in mining investment, will ripple through the economy, putting 200,000 jobs at risk and pushing the unemployment rate up to 6.5 percent, Morgan Stanley said.
A national housing oversupply of about 100,000 dwellings will develop by 2018, Morgan Stanley said, as a glut of apartment projects are completed, particularly in Sydney and Melbourne.
“We believe the growth contribution from the housing boom has already peaked and look for a plateau over 2017 and decline through 2018,” the analysts said.
The housing industry is also facing a “more imminent credit crunch” for purchases and developments, they said. |
MS |
{"Peter Vercoe"} |
765 |
Morgan Stanley targets $1B in cost savings |
-7 |
2016-01-19 00:00:00 |
""Project Streamline is designed to identify significant expense reductions," Morgan Stanley CEO James Gorman said in a conference call with investors and analysts.
This led Morgan Stanley to eliminate 1,200 jobs in December and exit certain areas of trading, such as Asian distressed debt.
Morgan Stanley earned $908 million, or 39 cents per diluted share in the three months ended in December.
Wall Street analysts had expected Morgan Stanley to earn 34 cents a share on revenue of $7.4 billion, according to data from S&P Capital IQ.
Morgan Stanley shares rose in early trading on the cost-cutting initiative, and on earnings that were better than analysts had anticipated, before falling back down to earth. |
MS |
{"Kaja Whitehouse","Est January","P M"} |
779 |
Morgan Stanley to pay $3.2bn for misleading investors |
-12 |
None |
Image copyright Getty ImagesMorgan Stanley will pay $3.2bn (£2.2bn) to US authorities to settle claims that it misled investors about risky mortgage bonds sold before the financial crisis.
Morgan Stanley admitted knowing the mortgages were risky, but was cleared of some culpability because it did not issue mortgages to home buyers it suspected would not be able to pay them.
In 2015, a tentative deal to pay $2.6bn was announced, but New York authorities pushed to increase that amount.
Morgan Stanley acknowledged it had misrepresented the quality of the mortgage bonds.
This is in part because Morgan Stanley did not issue the original mortgages itself, but instead purchased home loans from other banks and packaged them together to sell as bonds to investors. |
MS |
{} |
827 |
Morgan Stanley penalized for advisor fraud, ducks huge fine |
-13 |
2016-03-22 00:00:00 |
Lawyers for Lynnda Speer, widow of Home Shopping Network co-founder Roy Speer, said Florida Morgan Stanley wealth advisors Terry McCoy and Ami Forte were responsible for unauthorized trades on Roy Speer's account.
Lawyers for Speer's widow alleged that Forte manipulated the account during a yearslong affair she had with Roy Speer, who died in 2012.
A FINRA panel on Monday determined that McCoy and Forte were guilty of elder exploitation, breach of fiduciary duty, constructive fraud, negligence and negligent supervision.
Morgan Stanley faces a $35 million charge after wealth advisors were found to have engaged in fraud and breached fiduciary duty to an elderly client, according to an arbitration panel appointed by the Financial Industry Regulatory Authority.
Forte and her colleagues breached their fiduciary duties to Roy and his foundation and exploited him during a time of his continuing mental and physical decline," Lynnda Speer, wife to Roy Speer for more than 50 years, said in a statement. |
MS |
{"Cathal Mcnaughton","Tooga Getty Images","Jon Marino"} |
838 |
How Do Banks Use Your Money? Morgan Stanley Fined $7.5M For Mishandling Depositors’ Funds |
-9 |
2016-12-20 18:17:40+00 |
From March 2013 to May 2015, the megabank used its affiliate, Morgan Stanley Equity Financing Ltd., to serve as a client to its U.S. securities brokerage, the SEC said.
Morgan Stanley faces a $7.5 million fine from the Securities and Exchange Commission, the SEC announced Tuesday, for using illegal levels of customers’ cash and securities in swap trading.
SEC Enforcement Director Andrew Ceresney said in a conference call the move likely pleased investors, as Bank of America’s trades ultimately gave its affiliate “interest-free loans of customer money,” Wall Street Journal reported.
The rule, according to the SEC’s site, states a brokerage “may not use customer property as a source of working capital for its operations” — in short, exactly what Morgan Stanley did.
In doing so, the affiliate could use funds from the brokerage, or broker-dealer, to finance its trades. |
MS |
{} |
1079 |
Morgan Stanley to pay $7.5M for customer cash violation |
-10 |
2016-12-20 00:00:00 |
The broker-dealer, Morgan Stanley & Co. LLC, neither admitted nor denied the allegations, but agreed to pay the civil penalty, accepted a censure and said it would avoid any future violations.
A SEC order showed that the broker-dealer had an affiliate called Morgan Stanley Equity Financing also serve as a customer.
That business relationship enabled the affiliate to use margin loans from the broker-dealer to finance costs of hedging swap trades with other customers.
The margin loans reduced borrowing costs incurred to hedge the swap trades, and lowered the broker dealer's customer reserve account requirements by millions of dollars per day, the SEC said.
"Complex trading schemes designed to artificially reduce the amount a broker-dealer must maintain in its customer reserve account run contrary to these basic obligations," Michael Osnato, a SEC enforcement official, said of the rule violation. |
MS |
{"Est December","P M","Kevin Mccoy"} |
1080 |
Trump’s Talk About Muslims Led Acting Attorney General to Defy Ban |
-33 |
2017-01-31 00:00:00 |
Former Attorney General Eric H. Holder Jr., a Democrat, posted a photograph of Ms. Yates on Twitter late Monday and said, “This is what skill, judgment and courage look like.”Republicans disagreed, including George J. Terwilliger III, a former deputy attorney general who, like Ms. Yates, briefly served as acting attorney general.
When Ms. Yates became deputy attorney general in 2015, she told colleagues that she had no intention of merely being a caretaker.
In Washington, Ms. Yates’s outgoing personality made her a counterpoint to Attorney General Loretta E. Lynch, who is more reserved.
Advertisement Continue reading the main story“Dear Deputy Attorney General Yates,” the letter said.
Ms. Yates was regarded as professionally ambitious, though she has told friends that she has no interest in running for political office. |
MS |
{"Matt Apuzzo"} |
1200 |
6 Volkswagen Executives Charged as Company Pleads Guilty in Emissions Case |
-52 |
2017-01-11 00:00:00 |
They and Mr. Schmidt were charged with conspiracy to defraud the United States, defraud customers and violate the Clean Air Act.
Company executives knew that the cars were programmed to recognize when they were being tested and to deliver optimum pollution readings, according to investigators.
“This isn’t just a paper policy — I think you’re seeing the results,” Ms. Yates said in a telephone interview on Wednesday.
Since Ms. Yates issued the policy, many companies in corporate investigations have begun to create “Yates binders” of evidence to provide to investigators.
None of the executives charged on Wednesday were members of the Volkswagen management board, although several of them reported directly to the board. |
MS |
{"Hiroko Tabuchi","Matt Apuzzo","Jack Ewing"} |
1259 |
Echoes of Watergate in 'Monday night massacre'? (opinion) |
-33 |
2017-01-31 00:00:00 |
Ms. Yates' supporters included a suddenly dry-eyed Sen. Chuck Schumer, who suggested that she is a public servant of impeccable integrity.
A chill wind blew through DC again last night, when history repeated itself in a considerably less dramatic "Monday night massacre.
Ms. Yates may be viewed as a political partisan looking for a flashy exit, or she may share a bit of Elliot Richardson's spotlight.
After Mr. Richardson resigned, his deputy attorney general also refused to follow the order -- and was fired by Nixon.
The next in the chain of command was Robert Bork, the Solicitor General of the United States. |
MS |
{"Paul Callan"} |
1261 |