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Trader To Take $2.5bn For Work This Year

The Wall Street Journal reports that hedge fund Appaloosa Management has made around $7bn in profit this year by purchasing stock in companies like Bank of America and Citi during the dark days in the spring, and riding the market as it made a decent recovery. Overall, the hedge fund has returned a 120% profit this year.

Morgan Stanley Announces Key Leadership Appointments

Morgan Stanley announced on Tuesday a number of key leadership appointments to take effect on January 1, 2010, when James Gorman will become Chief Executive Officer and President of the Firm. At that time, as previously announced, John Mack will step down as CEO, while continuing to serve as Chairman of Morgan Stanley.