Business news for Mon, 31 Dec 2007 & with word morgan. 3 news.

China Investment Corporation (CIC), which has a 10 per cent stake in private equity group Blackstone and invested $5 billion into Morgan Stanley, has pumped $20 billion ($£10 billion) into the China Development Bank to transform it into a commercial lender.

Sen. John McCain (R-Ariz.) took a break from the presidential campaign trail in March to fly to a posh Utah ski resort, where he mingled with hundreds of top corporate executives assembled by J.P. Morgan Chase for its annual leadership conference.

I guess the simple answer is...you did not hire people as smart as Goldman Sachs did. Seriously, the CDO disaster and general mortgage malaise caught almost everyone by surprise, with Goldman Sachs really only saved by a handful of traders who bet the right way.