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Wednesday, 22 July 2009

Things are getting better so profits may be down (cont.)

As if by clockwork, Morgan Stanley released its 2Q results today, noting that narrowing credit spreads on its long-term debt accounted for "negative revenue" of $2.3 billion. They made less noise about the impact of this accountnig treatment when it reported its 4Q 2008 results last December, when they $2 billion of extra profits because their credit had gone south.

What goes around, comes around.

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