Earlier this week, JPMorgan CEO Jamie Dimon threatened to fire any JPMorgan brokers caught trying to pick off Morgan Stanley andclients and employees, according to the Wall Street Journal. Dimon also told his brokers to stop telling their clients that their assets are not safe at Morgan Stanley. Dimon made the call after a conversation with Morgan Stanley CEO John Mack, who complained after he heard that JPMorgan brokers were doing just that.
To help ease some pressure on financial services stocks like Morgan Stanley and Goldman, regulators passed a temporary short-selling ban on Friday. The U.S. government was also planning a large-scale intervention in financialto prevent further meltdowns, according to news reports.