Morgan Stanley CEO's E-Mail to Employees
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Chief Executive John Mack sent the following e-mail, which was obtained by The Washington Post, to all Morgan Stanley employees Wednesday.
To: All Employees
From: John Mack
I know all of you are watching our stock price today, and so am I. After the strong earnings and $179 billion in liquidity we announced yesterday -- which virtually every equity analyst highlighted in their notes this morning -- there is no rational basis for the movements in our stock or credit default spreads.
What's happening out there? It's very clear to me -- we're in the midst of a market controlled by fear and rumors, and short sellers are driving our stock down. You should know that the Management Committee and I are taking every step possible to stop this irresponsible action in the market. We have talked to Secretary Paulson and the Treasury. We have talked to Chairman Cox and the SEC. We also are communicating aggressively with our long-term shareholders, our counterparties and our clients. I would encourage all of you to communicate with your clients as well --make sure they know about our strong performance and strong capital position.
I'll be hosting a town hall tomorrow morning at 8:30 a.m. EDT to address any questions that you have, and would encourage all of you to participate in that discussion. Viewing details are available on Morgan Stanley Today.
