Ann: Ceasing to be a substantial holder from MS, page-32

Morgan Stanley are a broker. They make their money charging fees on their services e.g. trades, and offering their advice etc. They are not the prime beneficiaries of shorting profits. The beneficiaries are the people making the decision to short and who get MS to do it on their behalf. They are the ones who front up with the $ to do so.

MS may be advising certain investors with deep pockets to short, but it is not MS's money. I really wish people around here would get that through their heads.

MS becoming or ceasing to be a substantial holder occurs when they buy or sell stock on behalf of the people asking them to - who sometimes wish to remain anonymous.

Ok??? Does everybody understand?