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Morgan Stanley lost $3.61 per share in the fourth quarter, which is much steeper than the anticipated loss of $.39 per share by most analysts. John Mack, the chairman and chief executive at Morgan Stanley called the results, “embarrasing”.  The firm will cut back on its mortgage business and take fewer investment risks while they plan for the future. Mack stated that he will not accept a bonus this year…last year he raked in more than $40 million for his bonus. Where have they turned for help? Morgan will sell a $5 billion stake in the firm to a sovereign wealth fund, China Investment Fund. At this time, the China fund will remain a passive investor with no management role.

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