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Morgan Stanley Message Board

  • perrynation Oct 31, 2013 7:00 PM Flag

    Does Morgan Stanley put the interests of it's customers first?


    Did it learn from the 2003 Conflicts of Interest Settlement and hundreds of millions of fines? Obviously not.
    Four Years of Non-Disclosure. Thousands of Incidents.

    FINRA found that from April 2006 to June 2010, Morgan Stanley issued equity research reports that failed to disclose accurate information about the relationships Morgan Stanley, or its analysts, had with companies covered in its research reports. Overall, these inaccuracies resulted in approximately

    6,836 deficient disclosures
    in about 6,632 equity research reports and
    84 public appearances by research analysts.
    Among the deficient disclosures were:

    Securities holdings of an analyst, or a member of the analyst's household, in a subject company;
    Morgan Stanley's receipt of investment banking and non-investment banking revenue from subject companies;
    Morgan Stanley's role as a manager, or co-manager, of a public offering of securities for subject companies;
    Morgan Stanley's role as a market maker for certain subject companies' securities; and
    Price charts for securities covered in equity research reports and the valuation method used to support published price targets.
    Morgan Stanley did not disclose in approximately 127,600 monthly account statements sent to customers from August 2007 to February 2008 that it had available independent, third-party research. The requirement to provide customers with this notification was part of the Securities and Exchange Commission's final agreement with Morgan Stanley as part of the 2003 Research Analyst Settlement and was incorporated into a separate agreement with FINRA...

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