Morgan Stanley is one of the world's largest banks, so naturally it has racked up a long list of frauds, crimes, and misdemeanors, which it has emerged from largely unscathed, thanks to the unwillingness of governments to tackle corporate crime, especially in the finance sector.
So it's not surprising that Morgan Stanley's European equity team has issued a report warning that the returns to its shareholders will be hurt more by Jeremy Corbyn and the Labour Party taking office than it would suffer as a result of even the most catastrophic, bungled Brexit under the Tories (who never met a crooked banker they didn't love and solicit donations from).
It's a surprising and frank admission from the bank, that its profits rely more on friendly governments than they do on competent ones.
"From a UK investor perspective, we believe that the domestic political situation is at least as significant as Brexit, given the fragile state of the current government and the perceived risks of an incoming Labour administration that could potentially embark on a radical change in policy direction.
"Against this backdrop, even if we see good progress in the Brexit negotiations, the scope for UK sensitive assets to rally may be muted, unless we also see an improvement in the government's position in opinion polls."
Corbyn becoming PM is 'worse threat to business than Brexit', says bank
[Patrick Greenfield/The Guardian]
(via Naked Capitalism)