Zoe Cruz, the most senior woman on Wall Street, on Thursday became the latest high-profile casualty of the US subprime mortgage meltdown when she lost her job as co-president of Morgan Stanley. The ousting came three weeks after Morgan Stanley revealed it had lost more than $3.7 billion (USD). Morgan Stanley’s maximum potential losses from subprime- related assets stood at $6 billion at the end of October, down from $10.4 billion at the end of August, the company said. That “net exposure” figure assumes that all of the securities default and no money is recovered on any of them.
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The Subprime Mortgage Crisis Before, During, and After
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