Morgan to Merrill: Subprime Losses? Me Too :-) !

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 Stanley’s subprime exposure by $3.7Bn in the company’s trading portfolio as of October 31, 2007

Hey, we’re all among subprime friends here, right? Right? Ooooh.

Related posts:

  1. Revisiting the Tech-Subprime Connection
  2. Monty Morgan Stanley
  3. Newsflash: Tech Not Safe from Subprime
  4. Subprime Ate My Homework
  5. Morgan Stanley: 9/11 Ate My Emails

Comments

  1. Richard says:

    Paul,
    What’s your take on Goldman’s insistence that they will have no writedowns related to the subprime stuff? Are they really that much smarter than the rest of us? If so, I need to get my money over there.
    Richard

  2. Paul Kedrosky says:

    Sadly, i dont buy Goldman’s insistence. Like my lab partner in long-ago engineering physics, i just think they have found a convenint drawer into which they have, so far, been able to quierly stuff the smoking test equipment ….

  3. Andrew says:

    They released this a few days back.
    http://www.morganstanley.com/about/press/articles/5779.html
    Goldman CEO was quiet clear about no charge in 4Q.