Morgan Stanley on hiring spree

Morgan Stanley is planning to hire as many as 400 traders and salespeople, a hiring spree that comes as the firm tries to dig its way out of three straight quarters of losses.

About half have already been hired to work across sales and trading, a source familiar with the plan said. Morgan Stanley wants the workers for its foreign exchange, emerging markets and equity derivatives businesses, the source said.

After last fall’s meltdown of the banking sector, Morgan Stanley CEO John Mack steered the firm away from risky investments that led to the demise of some of its competitors.

Clunkers rebate to end DETROIT/WASHINGTON (Reuters) - The U.S. government said it will suspend its popular “Cash for Clunkers” auto rebates on Monday as the program’s $3 billion budget runs dry, a month after it was launched.

The program, offering payments of up to $4,500 to people who trade in old gas guzzlers for new, fuel-efficient vehicles, will end at 8 p.m., August 24, by which time all applications for the rebates must be submitted to Washington.

The Transportation Department said it thought enough money would be left to continue accepting submissions until the Monday deadline, based on conservative estimates of valid transactions to date.