Wednesday, December 19, 2007

Morgan Stanley write-down

Morgan Stanley said Wednesday it's writing down an additional $5.7 billion of mortgage-related assets, taking the total fourth-quarter loss to nearly $10 billion in the latest sign that the credit crunch is worsening.

Morgan Stanley lost $5.8 billion or $3.61 a share. Analysts polled by Thomson Financial had forecast a loss of 39 cents a share.

D'OH!

1 comment:

ALD said...

Morgan Stanley said it would sell a $5 billion stake to China Investment Corporation, a sovereign wealth fund, to shore up its capital. The sale would give the Chinese government a stake of about 9.9% in Morgan Stanley.

Nice!