Funny, how this article changes the acronym to GIIPS. As more and more talk focuses on these five European countries and it becomes clear that years more are in store for us, certain liberals were bound to eventually take offense and try changing the acronym. After all, if those who overspend in Europe are PIIGS, what do we call those who overspend here???
Somehow, I don't think GIIPS will catch on in quite the same way.
Morgan Stanley GIIPS Net Exposure Drops to $2.41 Billion
By Michael J. Moore - Apr 19, 2012 6:36 PM ET
Bloomberg
Morgan Stanley (MS), owner of the world’s largest brokerage, said its net exposure to five of Europe’s most-indebted nations was $2.41 billion, down from $3.06 billion in January.
Morgan Stanley’s net exposure to the five countries -- Greece, Ireland, Italy, Portugal and Spain -- was $4.01 billion before hedges, according to figures posted yesterday on the New York-based bank’s website. Net exposure to France rose to $4.14 billion from $1.71 billion as of Dec. 31.
Concern that Europe’s debt crisis would spark bank losses contributed to a 41 percent tumble for Morgan Stanley’s shares in the third quarter of last year. The firm said in October that its net exposure to the five was $3 billion, helping halt the decline of the shares.
More: http://www.bloomberg.com/news/2012-04-19/morgan-stanley-giips-net-exposure-drops-to-2-41-billion.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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