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Subprimes, overconfidence - created by O.Chevet
Date : the 16/12/2007
Visited : 6990
SpotRank : 260918
Channel: Economics, Finance
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Visited : 6990
SpotRank : 260918
Channel: Economics, Finance
Permalink :
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Subprimes, overconfidence
1
Morgan Stanley Stake a Major Move for China
added the 20/12/2007
NEW YORK -- China has joined the ranks of Singapore, Norway and the United Arab Emirates as nations that have purchased big chunks of Wall Street. In the wake of a $9.4 billion writedown related to subprime mortgage losses, Morgan Stanley (MS: 50.08, -0.01, -0.01%) said Wednesday it has accepted a $5 billion investment from the Chinese government’s investment company China Investment Corporation (CIC). The investment gives CIC a 9.9% stake in the firm.
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View original story on
http://www.foxbusiness.com/markets/article/morgan-stanley-stake-major-china_414152_2.html
O.Chevet
: "Another move from soverign funds into the heart of America's finance. That's what happens when one spends too much. At some point, you have to sell family jewels !"
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