Morgan Stanley named in FCStone saga

Morgan Stanley has revealed its role in the disposal of a loss-making energy trading account by FCStone in March 2009. Morgan Stanley completed the transfer of the account - the value of which remains undisclosed - in two days after being approached by FCStone, a commodity risk management firm, in early 2009. FCStone announced in November 2008 that it expected to post a bad debt provision of up to $25m due to losses on an undisclosed customer's energy trading account, for which it provided cl

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