Today's blog focuses on the funding shortfall that took place at Morgan Stanley during the period from February 8, 2008 to March 16, 2009. While the bankruptcy of Lehman Brothers and the rescue of Merrill Lynch by Bank of America are emphasized by many analysts of the credit crisis, the analysis below confirms that Morgan Stanley too was in severe financial distress. Today's blog confirms that Lehman borrowed less than half as much from the Federal Reserve after its bankruptcy than Morgan Stanley did when it was at the point of highest distress.