Morgan Stanley: let Wall Street live

Morgan Stanley can’t be allowed to go. Governments must learn from experience. The failure of Lehman Brothers has caused enough bloodletting already - far too much of it unforeseen. The financial system cannot take another, larger haemorrhage. Washington must act as final guarantor of what remains of Wall Street. It’s easy to dislike Wall Street, the City of London and their regional cousins. Unconscionable behaviour occurred during the credit boom. Punishment may need to be meted out in due cou...