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To: Larry S. who wrote (46500)	9/12/2001 12:40:08 AM
From: Larry S.	Read Replies (1) \| Respond to of 54805

Terror and strength: (from todays publications) Morgan Stanley Says WTC Staff Survived Miraculously, Morgan Stanley Dean Witter & Co., the largest tenant in the World Trade Center, distributed a memo to employees in other cities earlier Tuesday saying that Trade Center personnel had survived the attack and apparently were all right. The memo also said the investment firm's senior management had been at the company's midtown Manhattan headquarters when the deadly assaults on the towers occurred. "As a dual-headquartered firm, we expect to have operations up and functioning tomorrow," a Morgan Stanley employee said the memo reported. It added that financial advisers should reassure clients that their records are safe, and pass on a hotline number to call should they have questions. An estimated 3,500 employees worked for Morgan Stanley in the South Tower, where the firm occupied about 50 floors. An earlier message from Morgan Stanley's chairman, Philip Purcell, posted on the company's Web site (www.morganstanley.com), expressed sadness and outrage at the attacks. It said the company had limited information about the disaster but "our key focus and concern are for the well-being and safety of Morgan Stanley employees." Mr. Purcell added that "in spite of this tragedy, all of our businesses are functioning and will continue to function. We are committed to resume full operations as exchanges and markets reopen. "All our clients should rest assured that their assets are safe," Mr. Purcell's message said. Following a terrorist attack on the Trade Center in the early 1990s Morgan Stanley tightened security and took a series of steps to protect records. It is understood that computers containing financial and trading records are far from Wall Street to insure their well-being. Among the operations in the World Trade Center were believed the company's bond-trading desk, as were some mutual fund personnel. Securities analysts are at the midtown Manhattan site, a company employee said. --Dow Jones Newswires contributed to this article.

To: Larry S. who wrote (46500)	9/12/2001 2:39:41 AM
From: stockman_scott	Respond to of 54805

We Shall Again Persevere... ____________________________________________________ Where to now? Fear-mongering drives warnings of global recession By Marshall Loeb, CBS.MarketWatch.com Last Update: 8:08 PM ET Sept. 11, 2001 NEW YORK (CBS.MW) -- For an idea of what may happen to America and its economy now, consider how people on the scene responded to this Day of Infamy. There was no panic in the blasted area around the World Trade Center, nor in the vicinity of the shattered Pentagon, nor in Western Pennsylvania, nor anywhere else in the U.S. Instead, there was quiet, steely resolve. And controlled anger. We shall persevere. People in lower Manhattan were remarkably, almost strangely polite. In grocery stores, no one complained about two-per-person limits on bottled water. For the first time in memory, one woman shopper was asked by men time and again, "May I help you with those packages?" Knots of people stood on street corners and stared up into space, incredulously. Something was dramatically missing, like a gap in the sky. Gone were the twin towers, for so long a steel and concrete symbol of American capitalism. Their absence left a hole in the heart that cannot be filled for at least years to come. The economic consequences also will be profound in certain industries. Airlines stand to be hurt; sky travel will become even more uncomfortable, and probably costlier. Insurers will confront greater risks, and higher bills. The insurance industry, says AIG Chairman Hank Greenberg, faces "significant losses" in property, casualty, workers' compensation and other coverage. On the other hand, defense contractors will find it easier to win support. Whatever your politics, it now becomes harder to argue against President Bush's anti-missile defense system. Taken all together, however, this ugly series of Kamikaze attacks should not turn the current global economic slowdown into a global recession. In the immediate aftermath of the attacks, the decline of European stock markets, the fall of the dollar against the yen, the increase in the price of oil were relatively muted. And citizens could gain confidence from how smoothly the government and private business functioned in a moment of unparalleled crisis. The Federal Reserve proclaimed that it would supply the money to keep the banking system moving. The U.S. President, Cabinet members and Congressional leaders were whisked out of harm's way. Businesses quietly closed for the day, and people quietly went home. Of course, the blank space where the World Trade Center stood yesterday signaled a loss of innocence for us. No longer can we take our personal security for granted. We shall see even more security guards and more X-ray machines blocking the entrances to airports and offices, factories and even schools. And we will need even more computers and systems to store fail-safe duplicate and triplicate and perhaps quadruplicate copies of our personal finance records at banks and investment firms. A personal note: I lived through something like this before. Sixty years ago, my father and I were leaving a Chicago Bears football game when crowds of newsboys greeted us hawking papers with headlines screaming that the Japanese, without warning, had attacked Pearl Harbor. Within hours, tens of thousands of young men lined up to enlist in the armed services. (Today, in the area around Manhattan, countless people signed up, too -- crowding into hospitals to give blood for the victims.) Back in 1941, those men who enlisted -- indeed, the nation's people at large -- soon faced grave challenge from sophisticated enemies in bitter places like Bataan and Guadalcanal and Bastogne. But this nation proved stronger than all those enemies. We shall again persevere. ________________________________________________________ Marshall Loeb, former editor of Fortune, Money, and The Columbia Journalism Review, writes "Your Dollars" exclusively for CBS.MarketWatch.com.