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>> My name is Karen Rockhoff [phonetic].

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I work for Morgan Stanley in the
credit risk management department.

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My job is to evaluate some of certain
of our counter parties for lending

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and trade of products opportunities.

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To determine whether those clients where able
to pay their bills and to assess the bill

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that they might owe Morgan Stanley.

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So if we're contemplating entering
into a lending transaction,

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do I think this client will be able to repay
the loan in 5 years' time, 10 years' time?

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If we're considering entering into an
interest rate swap, will they be there

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to make periodic payments
on the interest rate swap?

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What are the probabilities of default?

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What is the loss given default of the facility?

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We also spend a lot of time
working with our regulators.

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Morgan Stanley has been regulated by
the Federal Reserve and the Office

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of the Comptroller of the Currency since 2008.

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So we spend a lot of time with them,
answering questions about what we do.

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Our credit exposures throughout the firm.

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And I just spend a lot of time, also,
recruiting and training junior professionals.

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The job changes in responsibility to
cross, you know, an entry level position

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at Morgan Stanley within credit risk.

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Or, you know, many other teams within the firm.

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Is an [inaudible] position
where you are supporting a team.

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Supporting a portfolio.

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Assisting in diligence.

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The next progression would be to an associate
level where you would own your own portfolio

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and be considered more of an industry expert.

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Able to lead diligence calls with
clients and make presentations

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to the firm's capital commitment committee.

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Or other senior firm decision makers who
determine how Morgan Stanley spends its capital.

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As a vice president, you would
then take on a team of your own.

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And perhaps be managing across
several different industries.

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And as an executive director, you're
expected to be able to manage teams of people

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and assume a strong leadership
role within the department.

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Not just reacting to things presented to you,
but also taking initiative to make a difference.