A Whopper of A Story (or should I say a Big Mac?)

August 13, 2010


[M]aybe I'm just dense but did anyone at the SEC or FINRA even bother to monitor Morgan Stanley's monthly statements for this mandated disclosure -- you know, like for even one month during the six in question? After all, hundreds of millions of dollars later, many promises later, years later, Morgan Stanley agreed to print a disclosure on its statements that indicated the availability of the independent research. Apparently, that disclosure didn't make it on to the statements. Sort of an easy omission to spot, no? And the excuse from Wall Street's cops is what? They were too busy on other more important things?

We didn't see it. Is that the sorry state to which Wall Street's regulators have fallen? Of course, if you're not looking, you can't see anything.

Moreover, given that FINRA is crediting "Morgan Stanley's self-review and self reporting of some of its disclosure violations. . ." you have to wonder whether any regulator would have uncovered this long-term, massive disclosure failure by Morgan Stanley but for the firm's own efforts to come clean. . .

Read Bill Singer's Entire Huffington Post Article at: