medbiller777
December 19th, 2007, 11:25 AM
Morgan Stanley posted a fourth-quarter loss, its first-ever quarterly loss, after taking an additional $5.7 billion write-down related to subprime mortgages. The investment bank said it would sell a $5 billion stake to the China Investment Corporation, that country’s sovereign wealth fund, to shore up its capital.
The sale, which would give China about a 9.9 percent stake in one of Wall Street’s biggest investment banks, marks the latest instance of a foreign investor shoring up a Western financial firm in the wake of the housing meltdown. (For more on the China Investment Corporation, or CIC, see this related item on DealBook.)
http://dealbook.blogs.nytimes.com/2007/12/19/morgan-stanley-to-sell-stake-to-china-amid-4th-quarter-loss/index.html?ex=1355806800&en=59872b289e9cd048&ei=5088&partner=rssnyt&emc=rss
This is just getting scarier by the minute...:twitch:fear
The sale, which would give China about a 9.9 percent stake in one of Wall Street’s biggest investment banks, marks the latest instance of a foreign investor shoring up a Western financial firm in the wake of the housing meltdown. (For more on the China Investment Corporation, or CIC, see this related item on DealBook.)
http://dealbook.blogs.nytimes.com/2007/12/19/morgan-stanley-to-sell-stake-to-china-amid-4th-quarter-loss/index.html?ex=1355806800&en=59872b289e9cd048&ei=5088&partner=rssnyt&emc=rss
This is just getting scarier by the minute...:twitch:fear