This Journal story about Morgan Stanley is off key—and it’s a bad time to be out of tune.
Hey, did you hear Morgan Stanley is “revving up its push into retail banking”? Sure is. Did you hear Morgan Stanley is getting at least a $10 billion bailout from the federal government? Not from this WSJ story.
It’s hard to imagine how you could leave that information out. And the larger tone is just all off. This is a company that borrowed itself into the ground, but you wouldn’t know that from this story.
The Journal could use some of the exasperation and urgency of its bloggers, at least as seen in this post by Evan Newmark on the paper’s own Morgan Stanley story last week.
Things have changed in a bad way. The paper’s coverage needs to reflect that—not cover up for these guys.
So this story is bad because it talks about something other than the credit crisis which has completely saturated the financial press?
Did we hear about MS's push into retail banking? Not before this story. Did we hear about the bailout? Yes, only 3,500 times this week.
Your "Morgan is losing money so everything they do is evil" mentality is simply the converse of "Morgan is making tons of money so their shit don't stink". And that type of thinking is the reason we are in this mess.
Posted by Chris Corliss on Tue 2 Dec 2008 at 03:05 PM