The Vig

Last year, Morgan Stanley wrote down $3.7 billion (with a b) in assets related the the sub-prime mess.  A month later, they announced they were getting a $5 billion (again, with a b) from the Chinese to help them weather the storm they created.

Yesterday shareholders had an opportunity to send Morgan a message at their annual meeting.  Instead they re-elected the entire board.  That’ll show ‘em.