Morgan Stanley's John Mack accepts blame for credit crisis

Morgan Stanley, the nation's no.2 investment bank reported a $9.4 billion writedown. The writedown which came this past Wednesday from bad bets and on mortgage-related debt. Proof that the nation's economy future is on shaky grounds. Morgan Stanley resorted to a $5 billion fusion from wealthy arm of the Chinese government. The writedown is Morgan Stanley's first quarterly loss in 73 years in business. John mack, Chairman and Chief executive of Morgan Stanley accepts blame for the fiscals forth quarterly loss. John Mack stated that he will forego his annual bonus of $40 million to help shake things up.Do you have any comments about this?

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