Mitsubishi loses, regains $506M on Morgan

One week after buying a 21% stake in Morgan Stanley, Mitsubishi UFJ Financial Group Inc. took a $506 million paper loss as a result of the extreme drop in the markets following Congress’ rejection of a $700 billion bailout package yesterday, according to Bloomberg.
SEP 30, 2008
One week after buying a 21% stake in Morgan Stanley, Mitsubishi UFJ Financial Group Inc. took a $506 million paper loss as a result of the extreme drop in the markets following Congress’ rejection of a $700 billion bailout package, according to Bloomberg. New York-based Morgan Stanley yesterday tumbled 15% to $20.99 in trading on the New York Stock Exchange. But today, on hopes of a revived bailout package, Tokyo-based Mitsubishi seemed to recoup the loss. In early-afternoon trading, Morgan Stanley was up $3.34, or 15.91%, to $24.33, while Mitsubishi UFJ Financial Group was up $0.38, or 4.56%, to $8.71.

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