Wednesday, 12/19/07

photo by stfbfc

"When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to dance. We're still dancing." -- Chuck Prince, former Citigroup CEO, a few months before being forced to resign.

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Morgan Stanley reports a net loss of $3.59 billion for the quarter after writing down $9.4 billion in mortgage-related losses and announced a $5 billion investment from China's sovereign wealth fund.

The Federal Reserve said Wednesday it awarded $20.0 billion in 28-day credit through Monday's term auction facility offering amid strong demand. The interest rate on the facility -- the stop-out rate -- was 4.65%, below the 4.75% discount rate, the Fed said.

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