Friday 10:49 am Morgan Stanley (MS) wraps up a disaster, surrendering Crescent Real Estate Equities - which it bought at the top of the market for $6.5B - to Barclays Capital (BCS). Morgan got the 17M square feet of office towers, resorts and hotels in 2007 with a $2B loan from Barclays that comes due today. MS has already taken $951M in writedowns and other losses from Crescent.
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