Morgan Stanley Posts Quarterly Loss (Financial Times) Morgan Stanley posted a net loss of $91 million, or 7 cents a share today. This contrasts vividly with a quarterly profit of $498 million, or 38 cents, in the third quarter of 2009.
Morgan Stanley CFO: Economy 'Very Fragile' (CNBC.com) CNBC's Kate Kelly spoke with Morgan Stanley CFO Ruth Porat on troubles in the economic environment, uncertainty over elections, and a slowdown in Morgan Stanley's key businesses — as well as a few of the bright spots, such as emerging market growth and some positive signs in investment banking pipelines in the U.S.
FrontPoint to Spinoff. Officially. Finally. (MarketWatch)
Fed's Beige Book Data is Weak (Reuters) Anemic job growth, postponed capital spending, and poor forward prediction dog U.S. economy.
Apple introduces Lion, the latest version of Mac OS, and new MacBook Air laptop at conference in Cupertino.(Bloomberg)
Bank of America's shares at 17-month low on mortgage worries. (Reuters)
Pain in U.K. as Tories Implement Austerity Plan (Time)
Dollar Hits 15 Year Low against Yen. (Yahoo) Weak dollar performance seen as an index of a recovery losing steam.
Sometimes We're Just Here to Help (The Daily Beast)
Sneaking into the Ivy League (Crushable) Meghan Keane confirms three of my most deeply held suspicions: 1) Given the time an inclination, most systems can be gamed; 2) the college admissions process is basically a joke; and 3) high school guidance counselors are just about useless. Nice work, Meghan — on both the story and on ingeniously spinning a bunch of Ivy League pinheads. It sounds like you're already far ahead of your peers.