$9 BILLION Check That Saved Morgan Stanley: Is It The Biggest Check Ever? (PHOTO)
Ever wondered what a $9 billion check looks like?
Via Andrew Ross Sorkin's website comes this rather large payout, which is detailed in his best-selling book Too Big To Fail: The Inside Story Of How Washington And Wall Street Fought To Save The Financial System -- And Themselves.
Last fall, as the financial crisis peaked, Morgan Stanley's stock tumbled and, like many of its peers, the bank suffered crippling cash shortages. In a hurried stock-for-cash swap, Morgan Stanley got the below payment from Japan's Mitsubishi UFJ. Because it came on a weekend emergency funding couldn't be electronically wires and had to be delivered in check form. The payment lead the bank's stock to nearly double in a single day, posting what MarketWatch reported was the stock's biggest gain ever.
CHECK it out (pun intended):
Too Big to Fail: The $9 Billion Japanese Check to Morgan Stanley
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First Posted: 3/18/10 Updated: 5/25/11