Perhaps more to the point, last year, 100 people were arrested in the United States and the United Kingdom for stealing bank-account information and money itself from JP Morgan Chase, Ally Financial, and PNC Financial Services Group.

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Last week Mitsubishi UFJ Financial Group (MUFG) converted 385 million shares of Morgan Stanley (MS) preferred shares to common, making MUFG a 22.4 percent owner of the U.S. investment bank.

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Another sign that the turmoil is taking its toll: Vikram Gandhi , who was a senior banker in Morgan's respected financial institutions practice, is joining Credit Suisse First Boston next month, where the financial institutions group has been in disarray.

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