The time Morgan won against Goldman

There’s an interesting story from Fortune Magazine about rivals Morgan Stanley and Goldman Sachs and the time when the former won against the latter.  How? Through warrant repurchase, when John Mack’s firm paid $150m less than what Blankfein’s Goldman paid for.

From Fortune:

The $150 million win was good news for Morgan Stanley (MS, Fortune 500), which lately had been looking like the big ugly bear compared to Goldman’s (GS, Fortune 500) floating butterfly. While Goldman has been raking in the profits during the first six months of 2009 — $5.1 billion to be exact, the best six-month stretch in the firm’s history — Morgan has been making losses of $345 million from continuing operations.

Read the rest here.

The story also outlines how Morgan did it.  Sure this isn’t a major issue at all but it’s sometimes fun to hear stories like this.

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