James Gorman ordered a further dry vodka martini at a St. Petersburg, Russia, resort bar late one night time time in June 2012. The Morgan Stanley chief govt officer was there to have a good time a downgrade.
The CEO of one in every of America’s main banks wouldn’t normally be toasting these sorts of a transfer. However Moody’s willpower to minimize Morgan Stanley’s credit score historical past score by simply two notches, comparatively than the three it was weighing, skilled saved the financial institution from a disastrous fall into junk territory.
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