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!
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.
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