With the recent failure of Chinese firm Archgeos, evasive maneuvers had to be taken by Morgan Stanley Chairman and Chief Executive James Gorman, in the nick of time saving the company Billions. Credit Suisse and Nomura were not as lucky costing $6Billion between them.
A number of players with knowledge got out early, a case could be made that the losses be spread equally by all those who had a relationship with Archegos past and present.
Inspite of this hiccup, James Gorman and the team at Morgan Stanley turned in a wail (I mean eye watering) profit up 150% on first quarter 2021.
(c) PIO News Service