The ousting came three weeks after Morgan Stanley revealed it had lost more than $3.7bn on a subprime mortgage bet that went disastrously wrong.Sub-prime casualties keep climbing.
... John Mack, Morgan Stanley’s chairman and chief executive, initially decided to take no action against Ms Cruz after discussing the matter with his board.But after a longer “post-mortem”, he concluded that changes were needed, according to someone familiar with his thinking.
For more on the change:
Financial News Update (Dec 10)
Financial News
DealBook Update
Dealbook
Reuters
Forbes
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