Morgan Stanley 2010 Annual Report Download - page 69
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Equity sales and trading losses also included approximately $75 million of losses from the tightening of the
Company’s credit spreads on certain long-term and short-term borrowings accounted for at fair value. Fixed
income sales and trading losses were $858 million in the one month ended December 31, 2008 compared with
revenues of $944 million in the one month ended December 31, 2007. Results in the one month ended
December 31, 2008 reflected losses in interest rate, credit and currency products where continued dislocation in
the credit markets contributed to the losses. In addition, fixed income sales and trading included approximately
$175 million losses from the tightening of the Company’s credit spreads on certain long-term and short-term
borrowings that are accounted for at fair value.
Other sales and trading losses were approximately $563 million in the one month ended December 31, 2008
compared with revenues of $60 million in the one month ended December 31, 2007. The one month ended
December 31, 2008 included writedowns related to mortgage-related securities portfolios in the Company’s
Subsidiary Banks, partially offset by mark-to-market gains on loans and lending commitments and related
hedges.
Principal transactions net investment losses of $158 million were recognized in the one month ended
December 31, 2008 compared with net investment gains of $25 million in the one month ended December 31,
2007. The losses in the one month ended December 31, 2008 were primarily related to net realized and
unrealized losses from the Company’s limited partnership investments in real estate funds and investments
associated with certain employee deferred compensation and co-investment plans, and other principal
investments.
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