To: damniseedemons who wrote (9837 ) 4/13/1998 6:25:00 PM From: Candle stick Read Replies (3) | Respond to of 27307
MORGAN STANLEY FINED...another post copied from AOL..... Subject: MORGAN STANLEY FINED Date: Mon, Apr 13, 1998 18:11 EDT From: HermCz Message-id: <1998041322114101.SAA17048@ladder01.news.aol.com> The SEC just clipped Morgan Stanley's wings by fining and charging 100 of their brokers and officers for stock manipulation of NASDAQ stocks. I told you guys Morgan was a big culprit in this YHOO scam. Kudos to the SEC for finally putting an end to this fiasco. They just got busted a little after the closing bell. Bulls make money, Bears make money, but Hogs (Morgan Stanley) get slaughtered. How stupid could they be to think the SEC would not notice such misdeeds when you run up a $150m company's stock to $6b ? They should of just took their profits and walked away. But no, they had to tighten the noose a little tighter. Looks like the noose is on their necks now. I guess the SEC wasn't going to wait until wednesday when they were to unload this stock for the YHOO insiders. They manipulated YHOO and other internet stocks. They even had an Analyst solely for the purpose of the internet sector. The Party is over for YHOO. The chickens have come home.By the way YHOO was trading down to 111 3/4 after the bell........;^) Here is the news from rueters that Hermcz is refering to: Morgan Stanley <MWD.N> fined $1 mln by NASD NEW YORK, April 13 (Reuters) - Morgan Stanley Dean Witter Discover & Co was fined $1 million for stock manipulation by the NASDR, the regulatory arm of the National Association of Securities Dealers, the parent of the Nasdaq stock market. The NASDR alleged that Morgan Stanley manipulated the price of 10 Nasdaq-traded securities in 1995 on two separate "expiration Fridays." The stocks are part of the Nasdaq 100. Its options expire on the third Friday of every month. "We strongly disagree with the NASDR's conclusions and we will appeal," said Jean Marie McFadden, spokeswoman for Morgan Stanley. MORE Rtr 17:45 04-13-98 Morgan Stanley <MWD.N> fined $1 mln =2 The NASD also sanctioned seven Morgan Stanley traders, including its head Nasdaq trader, David Slaine. Slaine is no longer with Morgan Stanley and the firm would not comment on his departure. He was fined $100,000 and suspended from the brokerage industry for 90 days. The six other traders were suspended for 30 days and fined $25,000, the NASD said. Morgan Stanley is jointly and severally liable for the traders' fines. MORE Rtr 17:55 04-13-98