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'08: More Wall Street Wailing  January 02, 2008  By Nicole
Gelinas   MORE than two years ago, I wrote: "Invest ment banks
must de pend to a much greater extent on the money generated
from risk-taking ventures" rather than collecting fees for
services performed. Between '02 and the first half of '07, we
saw the fun side of this new world: record Wall Street bonuses,
record profits and tax revenues for New York City that grew at a
pace never seen before. Today, we're seeing the bad side.
Recently, Morgan Stanley announced that $9.4 billion in its
shareholders' assets had vanished during the previous quarter,
in large part due to the firm's poor assessment of the risk one
of its trading desks was taking. The quarterly performance meant
the firm's first loss in it