"Morgan Stanley announced more than $9 billion in subprime losses for the fourth quarter. The investment firm all told lost $3.6 billion, or $3.61 a share, which was well beyond expectations for a loss of 39 cents a share. The company also announced that it will get a $5 billion cash infusion from government-controlled China Investment Corp. Calling the quarter 'deeply disappointing,' Chief Executive John Mack said he will not take a bonus this year."

Market Briefing [Forbes]

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