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BREAKING: Morgan Stanley Considers Merger With Wachovia
NYT ^ | 9-17-08 | staff

Posted on 09/17/2008 1:56:04 PM PDT by Anti-Hillary

Morgan Stanley, one of the two last major American investment banks, is considering a merger with Wachovia or another bank, according to people briefed on the discussions.

Morgan Stanley’s chief executive, John J. Mack, received a telephone call on Wednesday from Wachovia expressing interest in the Wall Street bank. Morgan Stanley is considering other options as well. Other banks have also expressed interest in Morgan Stanley.

The talks are preliminary and no deal may emerge, these people cautioned. But if one is reached, it would mark the end of Morgan Stanley, one of the descendants of the original J. P. Morgan & Company.

Morgan Stanley, whose stock plunged sharply on Wednesday, would become the third major investment firm to fold amid the credit crisis. Lehman Brothers filed for bankruptcy on Monday, while Bank of America agreed to buy Merrill Lynch for about $50 billion. In March, JPMorgan Chase agreed to buy Bear Stearns at the urging of the government, as that securities firm teetered on insolvency.

(Excerpt) Read more at dealbook.blogs.nytimes.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: banking; banks; economicpolicy; economics; economy; morganstanley; wachovia; wallstreet
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To: Travis T. OJustice
here's Dean Wormer speaking: Image Hosted by ImageShack.us

21 posted on 09/17/2008 2:10:07 PM PDT by WOBBLY BOB (Conservatives are to McCain what Charlie Brown is to Lucy.)
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To: All

At least they arent looking for a govt bailout...yet

Bad for the economy when we have fewer competitors...


22 posted on 09/17/2008 2:10:15 PM PDT by UCFRoadWarrior (America's economy will grow again once we value Main Street over Wall Street)
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To: ThePythonicCow
Can't get a gov't buy-out ... get a deal. Monty Hall's in town.

My brain's in a fog, however it seems that this buy out might be equated with a nationalization of an industry. Is this the beginning of big Dem Socialist rule making. What's next ... the oil industry? The USSC didn't allow Truman to do it in 1952, struck down his Executive Order as unconstitutional. I'm guessing Congress can do such things, don't know if the courts addressed that.
23 posted on 09/17/2008 2:10:41 PM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: BGHater

Is that the game now? Get big, fast, so as to force a govt bailout?


24 posted on 09/17/2008 2:13:11 PM PDT by Paine in the Neck (Nepolean fries the idea powder)
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To: Paine in the Neck

Just my opinion. BoA is using a similar tactic.


25 posted on 09/17/2008 2:14:26 PM PDT by BGHater (Democracy is the road to socialism.)
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To: Rational Thought
The same reason Bank of America just bought Merrill Lynch - someone made them.
26 posted on 09/17/2008 2:18:12 PM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: Anti-Hillary
I call BS. Wachovia is in real trouble, and is in no position to buy anything.

Unless it's the other way around....Morgan Stanley isn't doing well either though, I thought.

27 posted on 09/17/2008 2:18:21 PM PDT by wbill
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To: BGHater
B of A has a better balance sheet now than the other big banks, so is less likely to die trying to swallow its acquisitions. When you have to sweep dirt under the rug as the guests are walking up to your front door for the big party, you choose the rug with the most "dirt carrying capacity" remaining.
28 posted on 09/17/2008 2:22:11 PM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: Anti-Hillary
I am so glad that Wachovia bought my bank (world savings and loan) a year ago or so. /sarc
29 posted on 09/17/2008 2:22:55 PM PDT by dynachrome (Henry Bowman is right)
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To: Travis T. OJustice

Someone made an incorrect statement regarding Morgan Stanley (if it merged w/ Wachovia,for example). Dean Witter, which was a huge wire house, bought Morgan Stanley some 20 years ago. The name Morgan had more cachet than Dean Witter and so Dean Witter retained the name Morgan Stanley. This is very similar to Bank of America - it was bought out years ago by a North Carolina bank (can’t think of it at the moment) and the NC bank kept the BoA name.


30 posted on 09/17/2008 2:23:40 PM PDT by MarkT
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To: samtheman
It's a short on Morgan Stanley. But, like watching a gun fight between Jack Bauer and the bad guys, best to be watching this from the safety of your living room on television, than to actually be on site. It's safer that way.
31 posted on 09/17/2008 2:24:15 PM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: wbill
I call BS. Wachovia is in real trouble, and is in no position to buy anything.

I was thinking the same thing. Wachovia is choking on option ARMs now on its books after it purchased Golden West in CA. Wachovia only has a market cap of $20 billion. BofA has a market cap of $120 billion.

32 posted on 09/17/2008 2:29:44 PM PDT by C19fan
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To: dynachrome

I always liked World. I have very dirrerent feelings about Wachovia.


33 posted on 09/17/2008 2:36:24 PM PDT by Rational Thought
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To: dynachrome

I always liked World. I have very different feelings about Wachovia.


34 posted on 09/17/2008 2:36:49 PM PDT by Rational Thought
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To: JFC

“and eventually, we will be under one big government umbrella and all will be well with the world.”

That’s been the plan since the mid-1850s and coalesced with creation of the UN and the strings are getting pulled tighter and tighter. We can run, but we can’t hide if we let it happen.


35 posted on 09/17/2008 2:39:19 PM PDT by varina davis (Life is not a dress rehearsal)
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To: Rational Thought

Yup. World probably wouldn’t sell my mortgage, Lord knows who I will end up paying to now.


36 posted on 09/17/2008 2:39:58 PM PDT by dynachrome (Henry Bowman is right)
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To: AxelPaulsenJr

You are spot-on!!


37 posted on 09/17/2008 2:43:39 PM PDT by Spottys Spurs (Proudly served with the 1st H.B. 369th...)
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To: Anti-Hillary

Oooooo Fuuuuuuuuu#k.

Hold on to your assets.... its gonna get real rough.


38 posted on 09/17/2008 2:50:10 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
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To: Anti-Hillary

“Merger”...snort! ;)


39 posted on 09/17/2008 2:51:32 PM PDT by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: Anti-Hillary

What was the tune the band on the Titanic played as the ship slipped beneath the waves? Oh yes, “Nearer My God To Thee.”


40 posted on 09/17/2008 2:56:01 PM PDT by CholeraJoe (So What!? I'm still a rock star!)
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