Wall Street giants made big bets against Morgan Stanley

11/24/2008 | Wall Street Journal, The

The rumor that Morgan Stanley was on the verge of collapse started circling only days after Lehman Brothers declared bankruptcy. Meanwhile, trading-desk chatter indicated that Deutsche Bank had pulled Morgan Stanley's $25 billion credit line. The false information helped spur a wave of bets against the firm. Trading records reveal that Citigroup, UBS, Deutsche Bank and Merrill Lynch all placed significant bets against Morgan Stanley.

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Wall Street Journal, The

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