Ed Schultz Message Board > Morgan Stanley sells stake to Communists

Full Version: Morgan Stanley sells stake to Communists

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dArKeR

Dec 19 2007, 08:42 AM

Morgan Stanley (MS.N) on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.

The second-largest U.S. investment bank posted a net loss from continuing operations of $3.59 billion, or $3.61 a share, in the quarter ended November 30. A year earlier Morgan had income from continuing operations of $1.98 billion, or $1.87 a share. Morgan Stanley's operating results reflect the spin-off of its Discover Financial Services (DFS.N) in July.

http://news.yahoo.com/s/nm/20071219/bs_nm/...eKBjRbg.QZv24cA
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kennethjkranz

Dec 19 2007, 09:46 AM

QUOTE

The Federal Reserve is providing $20 billion in loans to banks as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to their customers.
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The central bank on Wednesday announced banks' use of a new auction facility that was created to encourage banks to seek cash directly from the Fed to help them overcome credit problems.

The Fed announced that the interest rate on the short-term loans will be 4.65 percent, which is slightly less than the 4.75 percent the Fed charges banks on emergency loans through its "discount" window. Banks have been reluctant to use the Fed's discount window because of the fear that investors will believe they are having trouble getting funds in a normal manner.

The Fed received bids from banks for $61.6 billion worth of loans, an indication the Fed had been successful in achieving its goal of encouraging banks to use the new auction facility.

In its announcement of the auction results, there were 93 bids for the emergency loans. Each bank could submit up to two bids. The auction for the loans was conducted on Monday, and the results released on Wednesday.

Hey buddy can you spare 3 billion?

dArKeR

Dec 19 2007, 10:15 AM

QUOTE(kennethjkranz @ Dec 19 2007, 07:46 AM)

Hey buddy can you spare 3 billion?

Plenty of money for defense contractors to kill Iraqi's who've done nothing to America. Plenty of money to bail out finance criminals. No money for American schools, kids, health, roads, libraries, parks, EPA, FDA...

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