McCollum
TALLAHASSEE, Fla. (Legal Newsline) - Florida Attorney General Bill McCollum is investigating possible price-gouging on the part of Morgan Stanley and one its subsidiaries.
McCollum is teaming with the state's Agriculture and Consumer Services to determine if TransMontaigne illegally raised the prices of its gasoline during September's Hurricane Ike.
"Our investigation will continue to determine exactly what led to the extraordinary increases in the price of gasoline," McCollum said.
Gov. Charlie Crist declared a state of emergency prior to Hurricane Ike, making unprovoked increases in prices of certain goods illegal.
TransMontaigne supplies wholesale gasoline through distributors to stations throughout the state.
McCollum said a review of McKenzie Oil Company's invoices showed that price increases were a result of wholesale charges paid to TransMontaigne. Morgan Stanley sets the prices of gasoline to its wholesale suppliers, McCollum said.
Morgan Stanley received $10 billion of taxpayer money in the recent federal bailout of several Wall Street investment firms.
From Legal Newsline: Reach John O'Brien by e-mail at john@legalnewsline.com.