MS

Morgan Stanley chief says global credit crisis may be waning reports Bloomberg News and the AP.

Keypoints:

- "I don't know if this is the bottom or close to the bottom, but at some point it will be wise to invest there," - John Mack, Chief Executive of Morgan Stanley.

- "The bank wrote down billions of dollars worth of securities linked to risky subprime mortgages and other debt since last year."

- "... the firm's overall compensation and benefits expenses rose 18 percent in 2007 even though revenue dropped 6 percent."

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I'm holding my breath on all that. I can imagine things "righting themselves" in the short-term. Long term is another story.