Morgan Stanley, Wachovia Fall, Swaps Rise on Funding Concerns
Posted by financialbriefs on September 24, 2008
Morgan Stanley dropped 11.5 percent today and Wachovia fell 6.4 percent as money-market interest rates reached the highest since January and as a $700 billion bank rescue plan by U.S. Treasury Secretary Henry Paulson faced resistance in Congress. After Goldman Sachs Group Inc. raised $10 billion through a stock offering and an infusion from billionaire investor Warren Buffett, concern also emerged that banks will have a tougher time raising cash in the future.
