Financials / Editor / 14 October 2008 / Leave a comment

We've been closely following this tragedy as it unfolded; the engagement that was broken off, the marriage that was never consummated, but last week we thought that finally they would tie the knot.

But we are undone by the inexorable workings of fate - Morgan's shares falling in value by 60%; and the US Fed's refusal to guarantee to the Japanese that Morgan would not be allowed to fail, had once again scuppered the romance.

So, jilted again, Morgan had to settle for being more of a girlfriend than a partner in a much less favourable deal, and the US Fed had to hastily backtrack once it dawned on them that the US needs the Japanese a lot more than the Japanese need the US.

But with any luck Morgan will still exist tomorrow...