????摩根士丹利（Morgan Stanley）近來麻煩不斷，Facebook只是其中的最新一個例子。即便是在Facebaook表現差勁的IPO之前，摩根士丹利的股價就在下跌，如今1個月跌幅已達21%。雖然摩根士丹利最近披露的文件顯示，公司已降低了歐洲敞口，但投資者們似乎還在擔心如果希臘和意大利的主權債務危機惡化，該公司可能蒙受巨大損失。

????但更大的擔憂可能來自穆迪（Moody's）。這家信用評級公司最近警告稱，可能將摩根士丹利的信用評級下調3檔。雖然業內競爭對手也面臨類似的評級下調，但摩根士丹利最終獲得的評級可能低于其他公司。摩根士丹利在債券交易方面落后于高盛（Goldman Sachs）和摩根大通（JPMorgan Chase）。這樣的評級下調只會讓摩根士丹利更難在這一領域展開競爭。

????的確，在金融危機爆發后拯救摩根士丹利于危難之中，高聞功勞很大。他最大的舉措是通過收購美邦（Smith Barney）推動該公司深入到零售經紀業務中。這是一項比交易業務更穩定和安全的業務——交易業務在金融危機期間損失了90億美元。但這也拖累了摩根士丹利。零售經紀業務的復蘇往往滯后。目前零售投資者還未重返市場。因此，摩根士丹利的利潤回升不如競爭對手。摩根士丹利另一塊大業務——并購業務近來也出現了滑坡。

????摩根士丹利唯一表現良好的業務是股票承銷，特別是科技股IPO。明星投行家邁克爾?格雷邁斯幫助公司完成了LinkedIn、Zinga、Groupon以及最近的Facebook等知名IPO。據Dealogic的數據，從2010年初開始，摩根士丹利的科技投行團隊總共創造了12億美元的服務費，比緊隨其后的摩根大通多了2.5億美元。問題是隨著摩根士丹利的科技承銷業務增長，該行其他承銷業務并未隨之增長，造成公司越來越依賴科技團隊來賺取利潤。據Dealogic的數據，2010年以來，科技IPO貢獻了摩根士丹利全部投行服務費的13%，高于摩根大通、高盛分別的7%和9%。因此，Facebook IPO表現欠佳可能成為持續困擾摩根士丹利的一個問題。

????Facebook股價周二再度下跌8%，收于31美元，已大大低于38美元的IPO發行價。看來在這次IPO中，摩根士丹利至少要擔管理不善之則，要么是定的發行價太高，要么是發行股數過多。很多投資者抱怨稱，此次IPO他們獲得的股票數量遠超預期，致使他們在Facebook首日上市時拋售，進而導致了納斯達克（Nasdaq）交易故障。更糟的是，美國金融業監管局（FINRA）周二表示，正在調查摩根士丹利和其他投行是否有違規行為，因為就在IPO前幾天，這些公司的分析師們下調了Facebook的收益預期。馬薩諸塞州證券監管部門也表示，將就此事傳喚摩根士丹利。摩根士丹利聲稱，它遵循與所有IPO相同的程序進行Facebook的發售。Facebook拒絕置評。

????Add Facebook to Morgan Stanley's growing list of woes. The company's stock was falling even before last week's bungled IPO, and is now down 21% in the past month. Despite Morgan Stanley's (MS) recent disclosures showing it has lowered its exposure to Europe, investors still seem worried that the company could suffer big losses if the sovereign debt crisis gets worse in Greece and Italy.

????But a bigger concern may be Moody's. The credit rating firm recently warned that it may lower Morgan's credit rating three notches. Rivals face similar downgrades, but Morgan is likely to end up with a lower rating than the others. Morgan has trailed Goldman Sachs (GS) and JPMorgan Chase (JPM) in debt trading. The debt downgrade will only make it harder for the firm to compete in the area.

????Indeed, James Gorman deserves a lot of credit for saving Morgan after the financial crisis. His biggest move was to push the firm more deeply into the retail brokerage business with his acquisition of Smith Barney. That's a much more stable and safe business than say trading, where the firm posted a $9 billion loss during the financial crisis. But it has also weighed down Morgan Stanley. The retail brokerage business tends to lag recoveries. Retail investors haven't come back to the market. So Morgan's profits haven't rebounded as much as rivals. Mergers and acquisitions, another big business for Morgan, have been down recently as well.

????The one business that has been working for Morgan is equity underwriting, in particular tech deals. Star investment banker Michael Grimes has helped the firm land deals heading up the IPOs of LinkedIn, Zinga, Groupon and most recently Facebook (FB). In all, since the beginning of 2010, Morgan Stanley's tech banking team has generated $1.2 billion in fees, according to deal tracking firm Dealogic. That's $250 million more than JPMorgan Chase, its closest competitor in the area. The problem is that as Morgan's tech business has grown, the rest of the bank's underwriting business hasn't followed, making it more and more reliant on its tech team for profits. Since 2010, tech deals have generated 13% of Morgan's overall investment banking fees, according to Dealogic. That compares to 7% at JPMorgan and 9% at Goldman. That's why the poor performance of Facebook's IPO could be a lingering issue for Morgan.

????Facebook's shares fell another 8% on Tuesday to close at $31, and now stand well below their IPO price of $38. At the very least, it looks like Morgan Stanley mismanaged the offering, by either signing off on a price that was too high, or agreeing to sell too many shares in the deal. A number of investors have complained that they got far more shares than they were expecting in the IPO, causing them to dump shares when Facebook's stock debuted early Friday, and possibly leading to the trading problems at the Nasdaq. Worse, FINRA on Tuesday said it's looking into whether Morgan Stanley and other bankers broke rules when the firms' analysts cut their earnings forecasts on Facebook just days before the IPO. Massachusetts security division says it will also subpoena Morgan on the matter. Morgan said it followed the same procedures for the Facebook offering that it follows for all IPOs. Facebook declined to comment.