3Q 2011 Profits are "Turning Point" for BP

3Q profits came in at $5.14bn - near tripling of the replacement cost profit in same period 1 yr ago."Replacement cost profit" is an accounting practice for reporting profits in the oil industry. BP is still paying for the cleanup in the Gulf of Mexico and compensating victims.

MS Debt More Risky than Bank of America, says CDS

495 basis points is the highest level it's been in 2.5 years, implying a cost of $495,000 a year to insure $10m of Morgan Stanley bonds for 5 years (more expensive than Bank of America). At 500bps premium, bonds are regarded to have junk status, say Markit. Shares in MS fell 10% to $13.51. The main driver for the concerns is MS' exposure to European bank debt, in particular France.