Morgan Stanley said Wednesday it's writing down an additional $5.7 billion of mortgage-related assets, taking the total fourth-quarter loss to nearly $10 billion in the latest sign that the credit crunch is worsening.MarketWatch has a chart of the Bankers' Writedowns ($70 Billion so far) and much more to come.
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New York-based Morgan Stanley booked the additional $5.7 billion of write-downs in November.
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Morgan Stanley blamed the $9.4 billion total write-down on "the continued deterioration and lack of liquidity in the market for subprime and other mortgage-related securities since August."
The confessional is very busy.