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Spreads widen on Morgan Stanley (MS -5.4%) five-year CDS to 455 bp, highest since March 2009....

Spreads widen on Morgan Stanley (MS -5.4%) five-year CDS to 455 bp, highest since March 2009. Bank of America’s (BAC -1%) spread also is up 3% to a record 410 bp. But Morgan Stanley’s exposure, located in more dangerous forex derivative contracts rather than relatively easy-to-hedge plain vanilla interest rate swaps, is considered more troubling.
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