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Saturday, November 10, 2007

Mortgage woes pile up; Morgan Stanley sees $3.7B loss

Novemeber 10 2007
Fallout from the meltdown in the subprime mortgage industry continued to wreak havoc on Wall Street Wednesday, as three big financial institutions revealed new financial and legal problems, and shares of the USA's leading banks and brokerage firms sank. Morgan Stanley announced new subprime-related losses, while Merrill Lynch and Citigroup began to grapple with the regulatory and legal consequences of their recent announcements of bigger-than-expected write-downs. Morgan Stanley estimated that its credit losses had grown by $3.7 billion since August.

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