More losses for Morgan Stanley and Merrills

The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch revealed further damage. Morgan Stanley announced in November that it lost $3.7 billion on exposure to CDOs of ABS based on US subprime mortgages, and on the mortgages themselves, in September and October alone. With a month to go until the end of its financial year, it has $2.7 billion net losses on subprime exposure.

Meanwhile, Merrill Lynch announced in its quarterly report that its exposure to subprime markets was

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