[mgist]

In NY when there is no "special relationship" they are not obligated to tell the truth. Ridiculous! They have NO accountability, just legal scammers, with little to lose. Morgan Stanley recieved $10 BILLION in TARP funds by the way.

[1rudeboy]

In NY when there is no "special relationship" they are not obligated to tell the truth.

That's not the way I read it. If there is no "special relationship," there's no way to establish negligence (with regard to whether MS had a duty to disclose).

[polstar123]

This post reads like an Obama funded Occupy Wall Street Blog. Give MS a break, do you think the Abu Dabi bank and their fellow, large institutional investors did not go into their $980 million Cheyne investment at the height of the mortgage orgy without their eyes wide open? Those investors were begging for these products and knew everything the banks and rating agencies knew about the risks and rewards. In hindsight it is easy to think this was fraud and a scam, but at the time this was plain vanilla. If you want to place blame, you have to go further upstream than the ratings agencies and the banks, try going to Congress and to the fraudulent grass-roots lending to unqualified and riskier-than-represented individuals who never should have been given money to “buy” homes.