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.
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