Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, December 19, 2007

NYSE Firms Post Big Third Quarter Losses

NYSE member firms that conduct business with the public reported third quarter 2007 after-tax loss of $2.49 billion and revenues of $78.79 billion, compared with $2.64 billion after-tax profit and revenues of $81.76 billion in third quarter 2006.  NYSE, NYSE Member Firms Report Third-Quarter 2007 Results.

Meanwhile, Morgan Stanley is getting a $5 billion investment from China's sovereign wealth fund, after posting a $9.4 billion write-down due to bad bets on mortgages.  The China fund will acquire preferred shares that will convert into just under 10% of the common stock.  Morgan Stanley joins Citigroup, Bear Stearns, and UBS in receiving bailouts from Asia and the Middle East.  WSJ, Morgan Gets Infusion From China After Swinging to a Quarterly Loss.

http://lawprofessors.typepad.com/securities/2007/12/nyse-member-fir.html

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