Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


Does this surprise anyone? Wall Street is filled with slime, whores, criminals, and dickheads who would run their mother over for a bonus check. These filthy scumbags even screwed a bunch of nuns for a buck. Well done Morgan Stanley. Bonuses for everyone.


Your time is running short. Your gated communities won't protect you. Your personal body guards won't save you. We're coming for you. It's only a matter of time.


Morgan Stanley Sued by Irish Nuns, Veterinary Fund in U.K. Over Swaps Deal
By Lindsay Fortado - Aug 11, 2010 1:14 PM ET
Morgan Stanley was sued in London by nuns, a veterinary fund and 85 other Irish investors who said the bank saddled them with losses, and reaped a profit for itself, by failing to sell notes when it should have.

Morgan Stanley and Saturns Investments Europe Plc, a special-purpose vehicle set up by the New York-based bank, “deliberately or carelessly failed to redeem the notes” when they were downgraded to junk in January 2009, according to a statement by Stewarts Law LLP, the lawyers for the investors.

Morgan Stanley and Saturns waited until June 2009, after the price of underlying bonds had risen significantly, to redeem the notes, “thereby securing Morgan Stanley a profit of at least $11.2 million on the sale of the notes by way of a termination payment,” the lawyers said. The notes were sold to “a related Morgan Stanley entity” at a profit, they said.

The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters, the Irish Veterinary Benevolent Fund and other individual investors bought 5.88 million euros ($7.6 million) of the notes through the stockbroker Bloxham in 2005 and 2006. The investors filed the suit yesterday in London, according to Stewarts Law. They are seeking damages of more than 15 million euros.

Morgan Stanley spokesman Michael Wang declined to comment.

The case is The Sisters of Charity of Jesus and Mary & ors v. Morgan Stanley & Co, case no. 2010/960, High Court of Justice, Queen’s Bench Division (London).

To contact the reporter for this story: Lindsay Fortado in London at