AP source: Morgan Stanley seeks deal

NEW YORK (AP) -- Morgan Stanley's stock has dropped again today as the investment bank rushes to get a deal done or raise cash.

A person familiar with the talks says Morgan Stanley CEO John Mack has reached out to China's Citic Group about a possible investment. The investment bank is also considering a combination with retail bank Wachovia and an investment from Singapore Investment, one of the world's biggest sovereign wealth funds, according to the source.

Morgan Stanley shares have lost nearly 40 percent in the past week amid unprecedented turmoil in the global banking system. Investors remain anxious after Lehman Brothers filed for bankruptcy protection, Merrill Lynch was forced into a sale to Bank of America and the government bailed out insurer American International Group.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 28604309 - local8now.com/a?a=28604309