Stocks Sink On Bad Morgan Stanley Loss

AP:

Stock was poised to open lower Wednesday as investors awaited results from the Federal Reserve credit auction held Monday and digested Morgan Stanley's dismal fourth-quarter earnings.

Because of its losing bets on mortgages, Morgan Stanley was forced to take a much larger-than-expected writedown of $9.4 billion, which led to a quarterly loss. The investment bank's shares wavered in pre-market trading, though, with investors disappointed by the results but pleased to hear that the company got a $5 billion investment from China's government-controlled investment vehicle, China Investment Corp.

Read the whole story: AP

Comments

[LisaSC]

Hi All---

I work with a law firm that is looking for Morgan Stanley employees whose retirement funds may have diminished due to alleged Employee Retirement Income Security Act (ERISA) violations.

Hagens Berman Sobol Shapiro is investigating Morgan Stanley’s 401(k) plan and claims that Morgan Stanley executives violated ERISA laws by continuing to offer company stock as a plan investment for participant contributions when it was no longer beneficial to do so.

If you are a Morgan Stanley employee and participate in the company’s 401(k) plan you qualify to join this investigation and may be entitled to reimbursement. Please visit http://www.hbsslaw.com/mos.htm or contact HBSS at hbsslaw.com.com or 206-623-7292.

[mrcontinental]

"Because of its losing bets on mortgages, Morgan Stanley was forced to take a much larger-than-expected writedown of $9.4 billion"

Much larger then expected for the trollz who keep saying that all is well maybe, but for anyone with their eyes open it was expected.

And it's STILL not over folks.