Morgan Stanley CEO: no knowledge of U.S. investigation

Reuters via Fidelity.com ^ | May 12, 2010 | Reuters

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TOKYO (Reuters) - Morgan Stanley Chief Executive James Gorman said he had no knowledge of any U.S. federal investigation into the Wall Street firm as was reported by media.

"We have not been contacted by the Justice Department," he said at a joint news conference with Mitsubishi UFJ Financial Group in Tokyo.

"We have no knowledge whatsoever about the Justice Department investigation," Gorman said.

The Wall Street Journal reported U.S. federal investigators are probing whether Morgan Stanley misled investors about mortgage derivative products it helped create and sometimes bet against.

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More government and MSM actions to demonize Wall Street and get the Finance Reform Bill through congress. The Reform bill does not solve the problem. It regulates Wall Street and puts in the hooks for a future government take over of banks.