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)