Interlude

The Hammer Without a Master

(Economics with a hammer)

(and a grateful nod to the New York Times Editorial Page)

Sure enough, last week Morgan Stanley
explained its quarterly loss by saying
that some of its traders were still “gun shy”
after last year’s near-death experience in the financial markets,

Sure enough, last week Morgan Stanley
explained its quarterly loss by saying
that some of its traders were still “gun shy”
after last year’s near-death experience in the financial markets,

Sure enough, last week Morgan Stanley
explained its quarterly loss by saying
that some of its traders were still “gun shy”
after last year’s near-death experience in the financial markets,

that some of its traders were still “gun shy”
after last year’s near-death experience in the financial markets,

still “gun shy” after

“gun shy” after

“gun shy” after

after last year’s near-death experience in the financial markets,

after last year’s near-death experience in the financial markets,

last year’s near-death

last year’s near-death

last year’s near-death

experience

year’s near-death experience in the

year’s near-death experience in the

year’s near-death experience in the

financial markets.

but

that the firm now planned to increase its risk taking.

that the firm now planned to increase its risk taking.

that the firm now planned to increase its risk taking.

that the firm now planned to increase its risk taking.

firm now planned

to increase its risk taking.

increase its

risk taking.

To try to stay competitive with Goldman and other banks,

Morgan Stanley has also allocated a big chunk of its net revenue for compensation.

a big chunk of its net revenue for compensation.

a big chunk of its net revenue for compensation.

of its net revenue

for compensation.