Investment bankers like Morgan-Stanley had left no stone unturned to convince us that they are financial wizards and know everything that is happening in the financial markets around the world.
To think, that they used to have their own rating systems and many a manufacturing companies have been quoted striving to ensure that they got a good rating with these so-called financial wizards.
The fall of the US financial markets and way Lehman, AIG, Goldman Sachs, Morgan Stanley etc. have lined up outside US Fed's office has surely revealed their true nature. It has become evident that these people were just riding the wave and knew little or almost nothing about the actual conditions of the financial markets.
It seems that they were just cashing on the gullible people's belief. All their claims of deftness was just a marketing ploy. They efficiently used technical terms and literature to confuse the common man into believing that were on the top of things.
These so-called financial wizards have been the ones to fall the hardest in the current financial crisis.