Morgan Stanley Found Guilty in Paris

[joeunderdog]

PARIS (Reuters) - A Paris court on Monday found U.S. financial powerhouse Morgan Stanley guilty of defamation in its investment research, sending shockwaves through the investment banking industry.

Following an acrimonious 14-month legal battle, the court upheld allegations by global luxury leader LVMH that Morgan Stanley's equity research had been biased against it, fining the U.S. bank 30 million euros ($38.5 million).

snip

LVMH alleged that Morgan Stanley published incorrect information about its debt position, credit rating and currency exposure, tried to manipulate its stock price, and concealed its banking relations with LVMH's arch rival Gucci.

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The LVMH/Morgan Stanley case has no direct link to the probe by New York State Attorney General Eliot Spitzer into allegedly biased research, yet investment banks remain sensitive to allegations of bias in the wake of Spitzer's action.

more
http://www.boston.com/news/world/europe/articles/2004/01/12/morgan_stanley_found_guilty_in_paris/

Boy, the French are on a roll.

[KissMyAsscroft]

1. Sweet!

Good News.

[aquart]

2. 38.5 million is what percent of the loss?

What is 38.5 million compared to the yearly income or bonus of Morgan Stanley's key executives?

Show me those figures and I'll tell you if this is sweet or sour.

[yellowcanine]

3. Halliburton & Cheney next?

Is this the same court that is investigating bribery by Cheney in Africa?

[mbperrin]

4. Now this string makes sense!

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=310326

[nolabels]

5. Cause and effect, sounds like global money protecting their investments

NO justice served in America, just more money to corporate interests and a billy club so they can screw the little guys into submission.