Geithner: Morgan Stanley, Other Major US Banks, Not At Risk Of Failure
October 06 2011 - 11:20AM
Dow Jones News
Morgan Stanley (MS) and other major U.S. banks aren't at risk of
succumbing to the same fate as Lehman Brothers, which fell victim
to the 2008 financial crisis, Treasury Secretary Timothy Geithner
assured senators on Thursday.
When asked at a Senate Banking Committee whether the euro-zone
sovereign debt crisis could bring down Morgan Stanley or another
major financial institution, Geithner said, "Absolutely not."
The largest U.S. firms are much stronger than they were before
the crisis, and the direct exposure of the financial system to
European countries under the most pressure is "very modest," he
said.
However, given Europe's size and interconnectedness, Geithner
said leaders there need to "move more aggressively to address
this."
-By Tom Barkley and Jeffrey Sparshott, Dow Jones Newswires;
202-862-9275; tom.barkley@dowjones.com
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