China To Buy Half Of Morgan Stanley?
They’re also talking with Wachovia, and I have friends in financial places that are saying Washington Mutual may be looking for a buyer as well.
Sept. 18 (Bloomberg) — Morgan Stanley, the second-biggest independent U.S. securities firm, may sell a larger stake to China Investment Corp. and is in talks about a possible merger with Wachovia Corp., a person familiar with the matter said.
Morgan Stanley pared its loss on the New York Stock Exchange after the person said China’s state-controlled fund may buy as much as 49 percent of the New York-based investment bank. The person declined to be identified because the talks aren’t public and may end in no agreement.
Morgan Stanley, led by Chief Executive Officer John Mack, and Goldman Sachs Group Inc., the biggest U.S. securities firm, tumbled the most ever yesterday as the deepening credit crunch fueled concern their funding sources are drying up. Morgan Stanley shares plunged 42 percent this week as Lehman Brothers Holdings Inc. filed for bankruptcy protection and Merrill Lynch & Co. sold itself to Bank of America Corp.
Read the full article at Bloomberg.com.
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September 18th, 2008 at 8:51 amIf this was October, I would be wondering if this was some kind of end of the world news hoax. Like the “War of the worlds” broadcast.
September 18th, 2008 at 8:51 amThis is strategicly very dangerous. The Chinese are our enemies. They are not now and never have been our friends. They quietly control their surrogate country, N. Korea.
September 18th, 2008 at 9:45 amWe must stop this gentle infiltration into the US which allows them to continue to steal “ALL” of our secrets, both military and industrial.
wamu=dead man walking they already tossed it in, open for any offer that makes sense
September 18th, 2008 at 10:21 amWAMU would still need approval, before it can sell its self to somebody.
September 18th, 2008 at 2:22 pmBut I agree all banks should be owned by Americans.