Morgan Stanley CEO doesn't expect more write-downs
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NEW YORK (Reuters) - Morgan Stanley Chief Executive John Mack said on Tuesday that, given recent improvements in financial markets, he does not expect the investment bank to take further write-downs on assets beyond what was announced last month."We thought we were conservative. We thought we did take the write-downs at the time. Clearly the market has come back, somewhat, not to where it was prior to August. Given the track we are on now, we think we are in good shape," Mack said in an interview with cable TV channel CNBC.Morgan Stanley last month reported nearly $1 billion in third-quarter write-downs to reflect the impact of slumping credit markets this summer on mortgage securities, leveraged loans and other assets.Mack cautioned: "We are not out of the woods yet."(Reporting by Joseph A. Giannone)
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