Morgan Stanley write-downs grow by $5.7 billion

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.

On another front, the Wall Street giant joined a string of rivals announcing investments from foreign governments as it unveiled an agreement with a Chinese sovereign fund that will inject $5 billion in fresh capital through equity units with mandatory conversion into common stock.

In a written statement, Chief Executive John Mack called the write-downs for the quarter as a whole "deeply disappointing" and said he won't accept a bonus for 2007.

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- Posted: 2007-12-19 10:47:29

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