Dan Loeb's Third Point opened a position in Morgan Stanley (MS) in Q4, believing the 20%...

|About: Morgan Stanley (MS)|By:, SA News Editor

Dan Loeb's Third Point opened a position in Morgan Stanley (MS) in Q4, believing the 20% discount to tangible book is a "free call option on a promising restructuring." Change starts at the top, says Loeb, putting the board on notice. "One of MS's directors is familiar to us from previous corporate governance battles we have fought against moribund Boards not up to the job of turning around great institutions."