Morgan Stanley ‘fesses up, via a slide deck for a Merrill Lynch presentation, to a few billion more in losses in its subprime mortgage portfolio:
Continued market deterioration since August reduces fair value of Morgan Stanleyâ€™s subprime exposure by $3.7Bn in the companyâ€™s trading portfolio as of October 31, 2007
Hey, we’re all among subprime friends here, right? Right? Ooooh.