Securities Law Prof Blog

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

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.

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