1585 Broadway - Morgan Stanley

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Morgan Stanley's behavior in Facebook IPO borders on criminal
http://www.businessweek.com/videos/2012-07-12/mcnamee-wall-street-totally-lost-track-of-honesty
Roger McNamee talks about corruption on Wall Street and calls high frequency trading fundamentally corrupt.

$4.8 Million Sought From Morgan Stanley in Price-Fixing Case
https://www.nytimes.com/2011/12/14/nyregion/4-8-million-sought-from-morgan-stanley-in-electricity-price-fixing-case.html

"In February, a judge approved a settlement against another defendant, the KeySpan Energy Corporation, which had a complex deal using derivatives that gave it a stake in the profits of a competitor, Astoria Generating Company. KeySpan then closed some of its generators, pushing up revenue for its remaining power and for Astoria’s; the move also benefited generators around the state not involved in the scheme. KeySpan did not admit wrongdoing but paid $12 million.

Now the Justice Department is seeking $4.8 million from Morgan Stanley, which acted as an intermediary in the deal: according to prosecutors, Morgan Stanley realized revenues of $21.6 million on it. The settlement would be a so-called disgorgement of illicit profits, which is unusual in cases like this, which was brought under the Sherman Antitrust Act."

SEC: Morgan Stanley trader’s trick caused millions in losses
http://www.washingtonpost.com/business/economy/sec-morgan-stanley-traders-trick-caused-millions-in-losses/2011/05/31/AGFhUYHH_story.html

"Feinblum and a colleague hid risks associated with their trading by entering sham “swap orders” in Morgan Stanley’s risk management system on at least 32 occasions, the SEC said in an administrative order. Feinblum and his colleague had no intention of executing those hedges and promptly canceled them, the SEC said. The traders knew that the system recognized the fake trades as real, the SEC said."

Morgan Stanley Will Pay $6.75M Over Claims
http://www.businessweek.com/news/2012-06-05/morgan-stanley-will-pay-5-million-to-resolve-cftc-trade-claims

"The trades during an 18-month period in 2008 and 2009 were non-competitive and constituted “fictitious sales” that violated commodity-market rules, the U.S. Commodity Futures Trading Commission said today in a statement announcing a $5 million fine against New York-based Morgan Stanley. The bank, which was accused of supervisory and record-keeping violations, will pay an additional $1.75 million to resolve related complaints from CME and the Chicago Board of Trade."