Morgan Stanley is trading at $9 in the wake of a warning from Moody’s that it may downgrade the firms debt rating. Another stellar job by the ratings agencies at getting ahead of the curve.
Elsewhere, the wires are abuzz as finance ministers gather in Washington. Lagarde says global coordination is needed and well beyond the G7, though it will be difficult. Bank recapitalizations will be one of the big tools.
Stocks are sliding again with the Dow down an additional 265 points in the futures markets.
