Morgan Stanley takes $9.4bn hit

[BrilloPad]

http://news.bbc.co.uk/1/hi/business/7152203.stm

Morgan Stanley has revealed a bigger-than-expected write-down of assets and has a sold a $5bn stake to the Chinese sovereign wealth fund.
The US investment bank said that it had been forced to write down $9.4bn for the three months to 30 November.

The bank said last month that it would be taking a charge of $3.7bn.

Morgan Stanley said that the injection from China Investment Corp - which equates to 9.9% of the bank - would help it to replenish its capital.

[BrilloPad]

What is that smell? Oh its Morgan Stanley's credit...

<sniggers>

[AtW]

Morgan went downhill ever since he stopped being a pirate.

HTH

[DimPrawn]

$10bn here, $10bn there and before you realise it, it adds up to quite a lot of money.

HTH

Threaded

[Churchill]

Morgan went downhill ever since he stopped being a pirate.

HTH

Was he a Pirate or a Privateer?

Btw, did you know that the "Skull & Cross-bones" was originally a flag of the fleet belonging to the Knights Templar?

[sasguru]

Morgan went downhill ever since he stopped being a pirate.

HTH

I was waiting for some totally wide-of-the-mark inanity, but that at least is semi-funny. You're learning your limits - good.

[BrilloPad]

I hate Morgan Stanley - cos they rarely(or don't?) use contractors. Hope they go under!

[BrilloPad]

$10bn here, $10bn there and before you realise it, it adds up to quite a lot of money.

HTH

Threaded

Which Chancellor said that? Was it lucky Lawson?