Greece is connected to the French banks, French banks to MS, and MS to the rest of Wall St…
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Hmm, this Bloomberg article from the past Friday quotes an analyst and unnamed insiders claiming Morgan Stanley has less than $2 billion exposure to France after collateral and hedging, if any exposure at all.
http://www.bloomberg.com/news/2011-09-30/morgan-stanley-seen-as-risky-as-italian-banks-in-swaps-market.html
Hard to tell who to believe at this point.