Cruz Sets Sail

Originally Published in Charting the Markets November 30, 2007 9:12 AM

Zoe Cruz’s departure, announced after the market close yesterday, had us constantly punching up Morgan Stanley’s ticker in after hours trading looking for signs of panic. We thought her exit might have signaled more credit issues at Morgan Stanley, but that does not appear to be the case. Perhaps John Mack saw an opportunity to throw her under the bus, and grabbed it. Zoe’s lieutenants at Morgan might want to watch their back, as their life has drastially changed overnight. They might be panicking, but shareholders should not. The stock is bid firmly higher pre-market.

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