Morgan Stanley Upgraded by UBS as Bank's Shares Decline-Bloomberg

I think this is an excellent call by UBS as Morgan Stanley (MS) is an absolute steal trading at 50% of tangible book value.  This is one of the finest investment banks out there with a balance sheet that is marked to market that you can buy for 50 cents on the dollar.  This panic in the financials is tremendously overdone and the reason it has been able to occur is due to the restraints the Fed has put on banks in regards to buying back stock, and the seemingly endless rule changes which have added a great deal of anxiety in relation to the business model.  Morgan Stanley is a well run operation with strong liquidity and all of the banks have had plenty of time to adjust their portfolios do deal with the European crisis.  Morgan Stanley is a huge buy here for an investor that is willing to substitute short term volatility, for greater upside potential and less risk as defined by a permanent loss of capital.