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Morgan Stanley Joins The Writedown Partay

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Doesn’t it feel like we haven’t heard from Morgan Stanley in decades, besides the cryptic messages an analyst from the power and utilities group leaves on Carney’s voicemails every now and then that are mostly just heavy breathing punctuated by moments of epileptic crying? It’s probably because the securities firm hasn’t been screwing things up nearly as badly as everyone else. Luckily, that tide is turning. Mo’ Stan may write down $6 billion due some bad luck with mortgages, etc, and Fox-Pitt Kelton Cochran Caronia Waller analyst David Trone, the poor man’s Meredith Whitney, has cut his recommendation from ``in line'' from ``outperform.'' It’s not as impressive as the work Merrill Lynch and Citigroup have been doing, and John Mack can probably forget about being fired, but it’s something.
Morgan Stanley Writedowns May Reach $6 Billion, Fox-Pitt Says [Bloomberg]