My blog about Zerohedge plagiarizing brought a wide range of reactions. Some accused me of getting it wrong, but that was such a small percentage of our readers here. The overwhelming majority agreed with my assessment. It is clear as day that Zerohedge plagiarized Morgan Stanley in that article. You seem like you need more proof my little naysayers? Lucky for us, ZH is a serial plagiarizer and I did not have to search long or hard to find more examples of him stealing someone else’s intellectual property. Here is zerohedge’s repeat performance.

On 21.12.2009 Morgan Stanley, yes MS AGAIN, issued a research note titled US Treasury Issuance. Zerohedge got the report and quickly plagiarized it on 25.12.2009 with his article “Brace For Impact: In 2010, Demand For US Fixed Income Has To Increase Elevenfold... Or Else.” First of all, could you please learn to write a decent a title? If I am going to track down all your plagiarisms please make the title a bit more “friendly.” Thanks.

We will again start with the charts because he flat out stole them AGAIN, although this time around he was much more brazen. Not only did Zerohedge steal the charts from the Morgan Stanley Research report, he did not even include MS’s source on the charts. A new low.

Above: the chart from the Morgan Stanley note. Below: the chart in Zerohedge's article (no source that it is from MS's research note).

Above: The chart from MS's note with source to their own division. Below: Zerohedge inserted the chart into his article and removed their source.

Above: Chart from MS's note with source to MS internal. Below: Zerohedge once again stole the chart and removed the source. Trying to look smart, like he made it.

Now that I have shown that Zerohedge stole the charts from the reports, what can we find? In true Zerohedge fashion, he plagiarized ideas and text again in this instance, he simply cannot be stopped. 

Zerohedge could not wait to plagiarize the MS note and it only took until paragraph three of his article to do so. "In 2009, total supply of all USD denominated fixed income, net of maturities, declined by $300 billion from $2.05 trillion to $1.75 trillion. "

From the MS note: "Issuance picks up in 2010: While total net issuance across the above fixed income products actually fell by ~$300 billion to $1.75 trillion in 2009, we expect this to rebound to $2.22 trillion in 2010. This represents a 27%YoY increase, and will surpass the previous high of $2.16 trillion hit in 2007."

ZH rips that same data point again two paragraphs later: "in 2010, the total estimated net issuance across all US$ denominated fixed income classes is expected to increase by 27%, from $1.75 trillion to $2.22 trillion."

Later in ZH's "article" he steals this: "As we pointed, the number one reason why 2010 is set to be a truly "interesting" year is a result of the upcoming explosion in US Treasury issuance. Fiscal 2010 gross coupon issuance is expected to hit $2.55 trillion, a $700 billion increase from 2009, which in turn was $1.1 trillion increase from 2008. For those of you needing a primer on the exponential function, click here. But wait, there is a light in the tunnel: in 2011, gross issuance is expected to decline... to $1.9 trillion.

And here is that exact data from MS's note: "We expect gross coupon Treasury issuance of $2.6 trillion in F2010 (fiscal year began on October 1st, 2009) – Exhibit 1. This is a massive increase of roughly $700 billion or nearly 40% from the year before, and follows on the back of a $1.1 trillion increase in 2009 from the year before. Gross issuance is not set to decline until F2011, and even then, a 25% decline to $1.9 trillion will still keep it above F2009 levels."

Want a line that Zerohedge rips for word for word? I have that too & I will post actual screens shot for this threat.

Above: Paragraph from MS's note. Below: ZH's "paragraph."

Please take special care to look at this line "2009 gross EM debt issuance reached an astounding $217 billion, $29 billion higher than the previous record in 2007." Besides two added words it is the EXACT same sentence. Zerohedge is ripping his data, facts, charts, graphs, etc., from other people's work. This is neither honest or honorable. The entire Zerohedge website should apologize to their readers and admit that they were wrong. For those of you who doubt, this blog speaks volumes and provides specific examples of Zerohedge plagiarizing research, especially from Morgan Stanley. My work here is done. 

P.S: actual research report from MS is attached. Download and compare for yourself.