Now it is Morgan Stanley's turn.
More than two years after the chief executive, John J. Mack, made a celebrated return to his old firm, promising to put more of the firm's capital at risk, it is becoming apparent that Morgan Stanley may have to take its own write-down for bad credit exposure.
Yesterday, David Trone, a securities analyst at Fox-Pitt Kelton, downgraded Morgan Stanley, forecasting that the brokerage firm could suffer losses of $6 billion related to the reduced value of credit investments.
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