LAZY SEC WATCHDOG GROWLS
AT WALL STREET FAT CAT BROKERS
then goes back to sleep...

"First, your statements reflect a disturbing and misguided perspective on Morgan Stanley's alleged misconduct," Donaldson wrote. "The allegations in the commission's complaint against Morgan Stanley are extremely serious. They include charges that Morgan Stanley paid other firms to provide research coverage, compensated its research analysts, in part, based on the degree to which they helped generate investment banking business, offered research coverage by its analysts as a marketing tool to gain investment banking business and failed to establish adequate procedures to protect research analysts from conflicts of interests.

"In light of these charges," Donaldson continued, "your reported comments evidence a troubling lack of contrition and lead me to wonder about Morgan Stanley's commitment" to complying with the law.

I feel safer already.

Not.

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