Morgan Stanley Received Over $100 Billion in Federal Reserve Bailout Money in Order Not to Go Bankrupt
Aug. 22, 2011
Morgan Stanley, which paraded prior to September 2008 as an expert source of financial guidance, and took commissions for their supposed expertise, had to get a Federal Reserve bailout of over $100 billion.
Oh, free enterprise! Oh, expertise! The multimillionaires at the top kept their positions, but only because of fiat money supplied by a government-licensed monopoly: the central bank.
I doubt if many Morgan Stanley executives are big supporters of Ron Paul. They love the Federal Reserve. Wouldn't you? The FED was like a huge piggy bank for Morgan Stanley.
Experts? Ho, ho, ho. They accepted the bailout from the Federal Reserve because their firm could not stand the effects of the free market.
They talk a good free market line, but when the free market exposed their own incompetence, they ran to Uncle Ben for a bailout.
The story is on Bloomberg. Read it here: http://bit.ly/MSbailout.
The poor schnook clients who believed the advice the company provided -- "Buy stocks!" -- watched as the stock market collapsed. Had anyone in a top position at Morgan Stanley known anything about the stock market in early 2008, he would have told the brokers to tell their clients to short the market.
When an investment advice firm needs a $107 billion bailout to stay afloat, one thing is sure: any client who trusts it from then on is two bricks shy of a load.
On how much the other big banks got, read this: http://bit.ly/BailoutBonanza2008
Ain't freedom grand?
Ain't competition wonderful?
Ain't crony capitalism a terrific deal . . . for the cronies?