The financial markets, it seems, are out of control. Today, Morgan Stanley CEO John Mack acknowledged to employees the dire movements in the company's stock and reassured employees. Deal Journal is reprinting his memo below.

September 17, 2008To: All EmployeesFrom: John Mack

I know all of you are watching our stock price today, and so am I. After the strong earnings and $179 billion in liquidity we announced yesterday--which virtually every equity analyst highlighted in their notes this morning--there is no rational basis...