Morgan Stanley got off lightly

Leo Rosten’s The Joys of Yiddish defines “chutzpah” as “that quality enshrined in a man, who having killed his mother and father, throws himself upon the mercy of the court because he is an orphan”.On Friday the US Securities and Exchange Commission charged Morgan Stanley and its former equity syndicate desk head Pawan Passi with fraud in the conduct of block trading business. The SEC’s report describes several damningly flagrant breaches of confidentiality, but one example stands..