Morgan Stanley said it had about US$1.8 billion in subprime mortgage exposure left on its books at the end of the quarter on Nov. 30, down from US$10.4 billion as at Aug. 31.
The equity units that China Investment Corp purchased from Morgan Stanley will yield 9 percent per year before they are converted into common shares. The Chinese fund will have no special rights of ownership or play any role in the management of Morgan Stanley.
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