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Culpable and resolve issues surrounding the device and that level here's Charlie with the latest on the lawsuits flying yet.
They will be that it has decided to go back through the downgrade from its -- and dealing story we should point out that.
I I don't think a lot of the banks are angry.
I really do believe that they would particularly a Morgan Stanley they were breathing a huge sigh of relief if you notice.
Shares of Morgan Stanley wind up in the aftermarket because it wasn't as fair everybody -- -- may remember we said exodus on loses choice and if you're trader you could make a lot of money here if you believe.
-- -- -- -- -- -- -- -- -- -- -- -- And because the markets priced in -- three so I think I don't think the banks are necessarily.
Angry and and and and -- and -- like blown their tops over this I think there's a degree of a sigh of relief it could have been worse.
And his wife can be -- and here's why I think they're doing the right thing for change and I know I've been very critical -- agencies we have an issue in New York right now.
All these banks have on the written credit default swaps insurance policies on debt tied to European banks in countries.
This is a very prudent move on their part I mean you know there is no doubt that.
US banks have more capital but they still have exposure to -- -- to a potential banking crisis.
And Moody's is getting out ahead of this they don't want to be quote where they were in the past I've been very critical these guys.
I think this is real I think this is real prudent and I will say this yes they have a shrinking balance sheet but guess what it evaporated 35 seconds when you have -- run on the bank.
Gallon Schwartz you know -- CEO Bear Stearns -- fold they all thought they had a great balance sheet and guess what.
That's true that -- -- point and even Jamie -- say we have -- we have we have it we have a fortress balance sheet.
But there were all scared about your and battling this is not about this.
Is their debt.
More risky or less risky given the current economic book about the industry as a whole -- I think a lot of people at the banks think this man put out these bone headed statement you know -- got wonderful we know when I can go out of business tomorrow.
But a lot of banks is saying -- could've -- -- -- get to this story because it is kind of interest in on the slows kind of slightest yes that was.
The bank -- -- slow but that occurred -- they -- a Friday.
Ninety degree heat near New York City -- running dampens I -- I do little update on what's going on and MF global just because we love this story.
The former broker if brokerage firm run by -- by Jon Corzine for me get New Jersey governor receivable Sachs as you know.
Imploded about about what's going on a year right November of last year still pick into the record -- what we know right now.
Tim bankruptcy trustee continues to negotiate -- JPMorgan Chase the get some of that one point six billion dollars and -- for money that still is is not been found.
How much is JPMorgan on the hook potentially on this several hundred million dollars I think or are they gonna -- JPMorgan.
It's a 5050 I think it's 5050 the cost of going after JPMorgan is is yet the F the way that this is a bank put a lot of lot at -- at its disposal.
Trustee doesn't -- did John -- into bankruptcy trustee doesn't necessarily have the saints fortress balance sheet to go to Jamie as Jamie has to fight him back.
And there is a recognition inside get -- office that JPMorgan has good legal arguments to hold onto that money.
OK so there's still weighing that the second thing -- Wayne is whether they go with the Jon Corzine if you remember inside the trustees' report.
He said up potential -- -- part of a -- -- a potential target of litigation would be Jon Corzine a former CEO as some senior executives.
About getting suing them to get some of that money back again.
Still weighing different story than JPMorgan.
But you know how much do you squeeze out of -- out of -- stone you know I don't know much money these guys.
Seen him lately I mean you summit lunch freighter to hire whatever I but I get has anyone seen him I get I get like reports everyday I haven't had a active.
I don't eat -- he doesn't doesn't hang around -- me we should point out that.
-- put out that both of these these decisions could be made in late June late July or early August.
The -- they want to say is abuse O'Brien this is the kind of fly in the ointment on the case.
Still it's up in the air about what the Justice Department's -- that we did report a couple weeks -- That her attorneys to led by Reid Weingarten probably one of the best attorneys I -- in white collar -- Had were were meeting with with the Justice Department about some sort of proffer.
I don't I you know basically I don't think net profit has been done it.
I think it's 5050 whether they give mature enough and I think the whole case the criminal case this hinges on fiftieth and it -- -- -- -- but.
We don't know how much you get you know they don't want -- just give someone a proffer when she could just when you know she she may be the most culpable and her degree of culpability.
Might not be criminals like my coming from -- -- what we are right now at this.
I felt like income for us today well like I suspect that this case is gonna keep -- also now and a OK Charlie if.