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Pam and Russ Martens: NY Fed has some explaining to do over Morgan Stanley's unreported trading losses
By Pam and Russ Martens
Wall Street on Parade
Monday, December 2, 2019
James Gorman is the Chairman and CEO of Morgan Stanley. He also sits on the Board of Directors of the Federal Reserve Bank of New York, one of Morgan Stanley's regulators. ...
At 11:36 a.m. on Thanksgiving Day, when households across America were either watching the Macy's Thanksgiving Day Parade on TV or hustling in the kitchen, Bloomberg News dropped the bombshell report that foreign currency traders at Morgan Stanley had hidden a trading loss of upwards of $140 million. Two of the traders involved in the losses were based in London, according to the Bloomberg report. ...
... For the remainder of the report:
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