Morgan Stanley took more than $1 billion dollars in mortgage losses in its institutional securities area that contributed to an overall net loss of roughly $2 billion for the company as a whole during the fourth quarter, but these represented better results for the company than last year at this time. The company during the fourth quarter of 2007 had seen about $9.4 billion in mortgage-related losses and taken an overall net loss of about $3.6 billion. Chairman and chief executive officer John Mack said the global capital markets' "unprecedented turmoil in the past few months" weighed on the company's results.
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