Morgan Stanley (MS) chief executive James Gorman isn’t worried about banks playing “both sides” of transactions, according to comments made this morning in an interview with Fortune managing editor Andy Serwer.
The issue has gained renewed attention in recent weeks, after a Delaware judge criticized Goldman Sachs (GS) for playing multiple roles in Kinder Morgan’s (KMI) proposed $21.1 billion acquisition of El Paso Corporation (EP). Morgan Stanley also advised El Paso on that deal, but was not on Kinder Morgan’s payroll.
What follows is the question and answer from this morning’s event:
Gorman later acknowledged that Morgan Stanley probably was on both sides of a transaction “probably last week somewhere in the world,” but that he hasn’t heard any criticism from clients.
The Wall Street Journal today reported that several banks, including Goldman Sachs, are reviewing their conflict policies for M&A bankers. Morgan Stanley was not among those named.
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