Bank’s Wrist Slapped, Give Refund To Customers

Michael Gianaris

November 14, 2012

State Senator Michael Gianaris and Councilmember Peter Vallone Jr characterize the punishment of Morgan Stanley for its role in an illegal case associating two Astoria power companies insufficient.

State Senator Michael Gianaris and Councilmember Peter Vallone Jr. are burned up over a $4.8 million penalty imposed on investment giant Morgan Stanley because of its participation in an illegal anti-competitive case involving two Astoria power companies.


The two Astoria Democrats criticized the U.S. Department of Justice for the punishment it imposed on Morgan Stanley for the giant bank’s role involving two Western Queens power-generating companies, KeySpan Energy Corporation and Astoria Generating Company.


Gianaris stated, “I am extremely disappointed that today’s decision allows Morgan Stanley to profit from its misdeeds by more than $16 million. This decision not only denies consumers justice in this case, but it also fails to deter other banks from engaging in similar schemes in the future.”


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