Not So Golden: Morgan Stanley Reports Bigger Than Expected Losses
Morgan Stanley, the No. 2 U.S. investment bank, on Wednesday reported a larger-than-expected fiscal fourth-quarter loss due to a $9.4 billion writedown from its exposure to subprime and other mortgage-related investments.
The company also said China's government-controlled investment vehicle has invested $5 billion to help replenish its capital.
China Investment Corp., which also owns a stake in private-equity firm Blackstone Group LP, will control no more than 9.9 percent of Morgan Stanley once its investment converts to common shares in 2010.






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AP | Joe Bel Bruno | December 19, 2007 08:42 AM