International

China Invests $5 Billion in Morgan Stanley

By Adam Davidson, Melissa Block

Published December 19, 2007 at 1:00 PM PST

This story was published more than 16 years ago.

The U.S. investment bank Morgan Stanley on Wednesday reported an enormous write-down of mortgage-related assets and a $5 billion investment from China Investment Corp., which is owned by the Chinese government. That works out to a nearly 10 percent stake in the firm.

The write-down of assets totaled more than $9 billion. Morgan Stanley says its core business franchise is basically sound.

Become a KPBS sponsor

International

Adam Davidson

Adam Davidson is a contributor to Planet Money, a co-production of NPR and This American Life. He also writes the weekly "It's the Economy" column for the New York Times Magazine.

Melissa Block

As special correspondent and guest host of NPR's news programs, Melissa Block brings her signature combination of warmth and incisive reporting. Her work over the decades has earned her journalism's highest honors, and has made her one of NPR's most familiar and beloved voices.

More News