The staggering on going count of NON-BIODEGRADABLE plastic bags at the above is the up to date indicator of the plastic bags given to the U.S. shoppers, beginning January 01, of this year across the United States. - Each year a shocking quantity of 916,981,973,789 plastic bags are trashed, in U.S. alone, polluting and poisoning Land-fields, the Air and our Waters.

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Law Suit Claims Banks Knew Investments Were Bad

December 30, 2009 - REUTERS

Morgan Stanley has been sued by a Virgin Islands pension fund which, has accused the it of defrauding investors by marketing $1.2 billion of risky mortgage-related notes that Morgan Stanley had expected to fail.

The lawsuit filed December 24, 2009 in a Manhattan federal court accused Morgan Stanley of collaborating with the credit rating agencies Moody’s Investors Service and Standard & Poor's to obtain triple-A ratings for notes sold in 2007 as part of a collateralized debt obligation, or C.D.O., known as Libertas.

According to the complaint the C.D.Os were backed by low-quality assets, including securities issued by the subprime lenders New Century Financial Corporation, which quickly went bankrupt, and Option One Mortgage, then owned by H&R Block.

The complaint asserted that Morgan Stanley knew the C.D.O.’s assets were far riskier than the ratings suggested and were doomed to fail. But was “highly motivated to defraud investors” with pristine ratings because it was simultaneously “shorting” almost all the assets.

Shorting is a bet that their value would fall, which it did in 2008

“Morgan Stanley was betting the entire investment it was promoting would fail,” according to the facts and documents of the complaint, which were made available on Tuesday. “The firm achieved its objective.”

Alyson Barnes, a Morgan Stanley spokeswoman, declined to comment.

An S.& P. spokesman, Frank Briamonte, had no immediate comment.

Moody’s did not immediately return a call.

Moody’s, a unit of the Moody’s Corporation, and S.& P., a unit of McGraw-Hill Companies, were not named as defendants.

Many banks and Wall Street firms are now, or will soon be facing similar lawsuits from investors who were lied to and misled into investing in Collateralized Debt Obligations securities that bankers believed were doomed to fail, for the obvious action taken by the greedy bastards betting on the entire investment to fail.

Morgan Stanley is also a defendant in a closely watched case in the same Manhattan court that concerns whether rating agencies deserve free speech protection for their opinions.

New York Times reported investigators in Congress, at the Securities and Exchange Commission and at the Financial Industry Regulatory Authority have launched probes into Morgan Stanley, Goldman Sachs and other Wall Street firms for deliberately selling these risky structured securities to clients and then betting on the securities failing.

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