December 19, 2007

Morgan Stanley posts loss on writedown (AP)

A man enters the Morgan Stanley building on Wednesday, Dec. 19, 2007 in New York. The No. 2 U.S. investment bank on Wednesday reported a fourth-quarter loss due to a $9.4 billion writedown from its exposure to subprime and other mortgage-related investments. (AP Photo/Mark Lennihan)AP – Morgan Stanley, the No. 2 U.S. investment bank, reported a $9.4 billion writedown on Wednesday from bad bets on mortgage-related debt, leading it to take a $5 billion infusion from an arm of the Chinese government.

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