In the wake of a $9.4 billion writedown related to subprime mortgage losses, Wall Street firm Morgan Stanley (MS) said it has accepted a $5 billion investment from the Chinese government’s investment company China Investment Corporation (CIC).
After a volatile, up and down day, Wall Street closed mixed on the day as traders absorbed a plethora of news out of the battered financial sector regarding troubled bond insurers, a special Fed loan auction and Morgan Stanley's first ever quarterly loss