Morgan Stanley appears to be squeaky clean (or is living in denial)

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Is this the cleanest firm on Wall Street ?

Fortune magazine reports that talk of JPMorgan Chase's $13bn settlement has dramatically upped the expectations of what banks may pay to put the financial crisis behind them.

Last week, in a regulatory filing, Goldman Sachs estimated it may spend $4bn more than it has already budgeted for settlements and fines and lawyers fees, up from $3.5bn three months ago.

In the last week or two, nearly all of the large banks have disclosed billions in potential additional legal expenses. JPMorgan Chase puts that number at $5.7bn. Bank of America, which recently was found guilty of selling defective mortgages, isn't far behind at $5.1bn. Citigroup says $5bn.

The one exception is Morgan Stanley. In its quarterly report, which the company filed with the SEC last Monday, the bank left blank what its additional legal expenses could be. Instead it said it didn't think the cost would be 'material' to its business.

So, Morgan Stanley is either the cleanest bank on Wall Street, or it's living in denial.

Hit the link below to access the complete Fortune magazine article:

Morgan Stanley, still squeaky clean

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