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Morgan Stanley (MS -2.9%) sinks to its lowest price since December 2008, trading at 45% of...

Morgan Stanley (MS -2.9%) sinks to its lowest price since December 2008, trading at 45% of tangible book value as it remains - among the major U.S. banks - the favored proxy for EU difficulties. Coming up could be a Moody's rating cut of as much as 3 notches, but Morgan's bonds and credit derivatives have been trading at junk levels for nearly a year.
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