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Gorman Says ‘Liquidity Matters’ Is Lesson of Financial Crisis

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April 10 (Bloomberg) -- Morgan Stanley Chief Executive Officer James Gorman said the “overwhelming lesson” of the 2008 financial crisis for banks is to have assets that can be sold quickly.

“Liquidity matters more than anything,” Gorman said in an April 4 interview that was set to air yesterday on public television’s “Charlie Rose” program. “If you’re going to have a lot of assets on your balance sheet, they better not be illiquid. Things get tough, you better be able to find a buyer for them, and they better be quality assets.”

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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