It's Raining Shoes
LETTER FROM THE EDITOR
Just days before, Morgan Stanley said it expects to write down $2.5 billion as a result of "continued market deterioration" as analysts opined it may be more like $6 billion. Previously, Citi said it was taking an additional $5 billion to $7 billion in mortgage-related write-downs in the fourth quarter-on top of a third-quarter loss of $2.2 billion on subprime securities and fixed income. Reports have also surfaced recently that Merrill Lynch might need to write down a further $10 billion, or
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