Money Morgan Stanley bank kicked out of the Treasury
USA: Congress is preparing to scrap around a new plan to support the economy
SANTE-CORONAVIRUS-USA-CONGRESS: USA: Congress is preparing to scrap around a new plan to support the economy the economy © Reuters / TOM BRENNER USA: CONGRESS TO SCRAP AROUND A NEW SUPPORT PLAN FOR THE ECONOMY by David Morgan and Doina Chiacu WASHINGTON (Reuters) - Democrats elected to the US Senate could block a project to support the economy developed by the Republican camp whose leaders are to meet at the White House, the Democratic staff warned on Monday.
The financial institution will no longer be able to distribute government bonds. He thus pays the consequences of a conviction for price manipulation on the financial markets.
The sanction is unprecedented. The France Trésor agency, which manages all government borrowing, used it for the first time on Tuesday, in its nineteen year history. US bank Morgan Stanley is now prohibited from distributing Treasury bonds, those loans issued by the state to finance the budget deficit. Around thirty leading financial institutions now share this activity, which consists of marketing the debt of the French house on the financial markets. An activity that is both juicy, because of the commissions it generates, and prestigious, because it means that the selected banks have the confidence of the state. Morgan Stanley is excluded from this circle for a renewable period of three months.
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The bank is paying the consequences of a sanction from the Autorité des marchés financiers (AMF) dated December 4. That day, she fined Morgan Stanley 20 million euros. He was accused of having manipulated the prices of French and Belgian state loans in 2015 to push them up. The transactions in question relate to more than one billion euros. The Economics Department moderately appreciated these actions and the condemnation that followed, especially as they were unaware of the AMF’s proceedings against Morgan Stanley. The bank now has three months to get back on track, or its exclusion will be extended.
Obviously, the financial institution intends to make amends. Morgan Stanley recalled in a statement on Tuesday his service with Bercy - service that has lasted for more than thirty years - and his willingness to make the necessary corrections in the face of the accusations against him. No company executive, however, wanted to answer Liberation's questions. This ban comes at the worst time for the bank. In these times of health crisis, France has resorted even more heavily to borrowing to finance measures to support the economy. The medium-term debt issuance program for 2020 exceeds 200 billion euros. This amount will be placed on the financial markets by all the banks referenced by Bercy except, necessarily, Morgan Stanley.
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