WASHINGTON — Ben Bernanke put himself at odds with the Obama administration yesterday by resisting its plan to create a consumer protection agency for risky financial products. The Federal Reserve chief said those responsibilities should stay with the central bank.

Bernanke's pushback on the White House plan comes at a politically delicate time for the Fed chairman, since his term expires early next year.

In his second straight day on Capitol Hill, Bernanke argued that the Fed has expertise that would be difficult to replicate at a new agency. Consumer oversight, he said, coincides with the Fed's mission to oversee the safety and soundness of banks.

MORGAN STANLEY LOST $1.2B IN QUARTER

NEW YORK — Morgan Stanley said yesterday it lost more than $1.2 billion in the second quarter as it took charges to cover continuing losses in real estate investments and repayment of government bailout money.

Analysts said that while Morgan Stanley's investment banking revenue was strong, its conservative approach to trading hindered its ability to offset the special charges.

BOEING PROFIT UP 17%; 787S STILL A WORRY

Boeing Co. yesterday reported a 17 percent rise in second-quarter profit to beat Wall Street expectations, but the airplane maker said it was still assessing the financial impact of the latest delay of its new 787 jetliner.

The Chicago-based company expects to re-evaluate its earnings forecast and announce a revised schedule for the eagerly anticipated 787, which is nearly two years behind schedule, in the third quarter. Boeing's credibility suffered a blow last month when the company postponed the plane's first test flight and deliveries for the fifth time.