Morgan Stanley trader mis-marking for months

Morgan Stanley may have let a $120 million mis-mark on its credit derivatives book go unnoticed for six months before a routine audit discovered it in May, the bank admitted in June. Chief financial officer Colm Kelleher told a conference call on June 20: "We're very angry about it - but in an environment of stressed markets, one would expect to see people trying to behave improperly."

The bank has suspended a London-based credit trader pending an internal investigation. The UK Financial

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