05 August 2008

When the Going Gets Weird, the Weird Turn Pro

We just don't have the words.

Morgan Stanley to Advise U.S. Department of the Treasury Regarding Fannie Mae and Freddie Mac

NEW YORK -- (Business Wire) --

Morgan Stanley (NYSE: MS) confirmed today that it has been

retained by the United States Department of the Treasury to provide

capital markets advice to support the Treasury's responsibilities

associated with its new authorities regarding Fannie Mae and Freddie

Mac. As part of that assignment, Morgan Stanley will support the

Treasury's work to promote market stability and the availability of

mortgage credit.

Morgan Stanley Chairman and Chief Executive Officer John J. Mack

said, "Morgan Stanley is honored to have been asked to serve as

financial advisor to the U.S. Treasury as it evaluates various

alternatives for Fannie Mae and Freddie Mac. We are pleased to be able

to offer our services to the government and look forward to working

with Secretary Paulson and his team as they work to restore stability

to the global capital markets and confidence in the U.S. housing

market." Morgan Stanley will accept no fees for this assignment and will

receive only $95,000 from the Government toward its expenses.

($95,000 for expenses? That's a lot of Taittinger at The Palm and VIP lapdances at Camelot. Or are we talking something a little more Spitzeresque? We'll take that job in a Manhattan minute for free. It would put a certain 'edge' to our blog. Think about it Hank. - Jesse)