According to Fox-Pitt Kelton analyst Morgan Stanley may have to writedown $6b in ABS, CDO, and other assets. Morgan Stanley is second largest securities firm of US followed by Merrill Lynch, which had already writtendown $8.4b in subprime mortgages. Goldman Sachs, the biggest securities firm of US, is an exception to the sub-prime crisis as it claimed to be short on CDOs during the advent of the crisis.
Over the past three days Morgan Stanley's shares have declined by more than 17%. CNBC had reported than Morgan Stanley may write down $3b in fourth quarter.
According to an estimate Morgan Stanley has an exposure of $22b in ABS and CDOs.
Over the past three days Morgan Stanley's shares have declined by more than 17%. CNBC had reported than Morgan Stanley may write down $3b in fourth quarter.
According to an estimate Morgan Stanley has an exposure of $22b in ABS and CDOs.
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