Geithner: Banks OK
Shares of Bank of America and Morgan Stanley rose yesterday after Treasury Secretary Tim Geithner said the nation’s financial firms have strengthened and there is “absolutely” no chance of another collapsing like Lehman Brothers in 2008.
BofA climbed 8.8 percent to $6.28 and Morgan Stanley rose 4.8 percent to $15.18 after being off sharply over the past year.
Geithner, testifying before the Senate Banking Committee, didn’t mention any banks specifically by name when responding to a question about Morgan Stanley.
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