Morgan Stanley’s writedowns bring us to a cool $1 trillion

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Morgan Stanley released a dismal earnings report one day after Goldman’s.  Obviously this is shaping up to a be a very bad quarter for financial institutions.  Morgan’s $2.2 billion loss was certainly less than Goldman’s but very large nevertheless.  And it brought us to $1 trillion in losses by global financial institutions since the credit crisis began way back in February 2007 with HSBC’s subprime writedowns.