Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Dr. Evil Would Love Morgan Stanley Facebook Settlement

By Jonathan Weil

How's this for reminding Wall Street banks of how little they have to fear from government?

Massachusetts Secretary of the Commonwealth William Galvin today fined Morgan Stanley $5 million "for the improper influence by their investment bankers over research analysts prior to the initial public offering of Facebook.''

(Cue image of Dr. Evil raising pinkie to mouth saying, "five mil-l-l-l-l-l-l-l-l-l-ion dollars.")

Per the usual ritual in these sorts of things, Galvin's news release includes a tough-guy quote from, of course, Galvin. "The steps taken by Morgan Stanley's senior investment banker to improperly influence research analysts to provide them with specific quantitative information not disclosed in the S-1 filing with the SEC was a clear violation of the global research analyst settlement that Morgan Stanley signed with Massachusetts in 2003,'' he said.

A Morgan Stanley spokeswoman, Mary Claire Delaney, said the firm is "pleased to have reached a settlement with Secretary Galvin'' and "to have put this matter behind us.'' And no doubt it is! Because, after all, the settlement cost Morgan Stanley only $5 million.

Another day, another parking ticket.

(Jonathan Weil is a Bloomberg View columnist. Follow him on Twitter.)

Read more breaking commentary from Bloomberg View at the Ticker.

-0- Dec/17/2012 21:50 GMT

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.