After three consecutive loss quarters, it’s the end of the nail biting in Morgan Stanley’s executive lounge - the bank finally made a profit of $498 million, compared to analysts’ estimates of $380 million. The improvement mostly came from higher investment-banking fees. From their side, Wells Fargo announced on Wednesday that its third-quarter profit was not only better than its second quarter, but nearly double what it was a year ago: they earned $3.2 billion, compared to $2.1 billion. But both banks still reported higher loan losses as consumers struggle to pay off their bills. Wells Fargo predicted credit losses would peak in 2010.
Some firing squads are all issued with blank cartridges with the exception of one person. This helps alleviate personal responsibility for the execution squad.