(New York)

In an unusually blunt, but refreshing statement, Morgan Stanley put out a statement today calling George Soros’ warning of a financial crisis “ridiculous”. Morgan Stanley CEO James Gorman said while some of Soros’ concerns are warranted, others are not. For instance, Gorman said about Soros’ view of the EU that “I don’t think we are facing an existential threat at all”.

FINSUM: Gorman doesn’t know much about Europe if he does not think it is facing an existential crisis. It very well may not break up (we do not think it will), but it is certainly facing a reckoning about its own meaning and the value of being a member.