UPDATE 1-Morgan Stanley raises salaries for senior execs

[OhioChick]

Source: Reuters

05.22.09, 06:01 PM EDT

NEW YORK, May 22 (Reuters) - Morgan Stanley raised the salaries of its senior officers, a move designed to shake-up the way the firm pays its employees, according to a regulatory filing on Friday.

Morgan increased the base salaries of all of the named officers -- except Chairman and Chief Executive Officer John J. Mack, who is paid $800,000 -- as the company moves to balance pay between bonus incentive payments and base pay. The banking industry has been under fire from politicans and regulators for lavishing bonuses on employees.

Under the new base-pay arrangements, co-presidents James Gorman and Walid A. Chammah will be paid $800,000. Colm Kelleher, chief financial officer, Gary G. Lynch, chief legal officer and vice chairman, and Thomas R. Nides, chief administrative officer, will each be paid $750,000, according to the filing. It was previously announced by the company that Mack, Chammah, and Gorman did not receive bonuses for 2008, marking the second year that Mack did not draw a bonus.


Read more: http://www.forbes.com/feeds/afx/2009/05/22/afx6458458.html

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So, instead of enormous bonuses, they'll all be getting their base pay jacked up? :wtf:

[bluestateguy]

1. Oh come on, don't be so unreasonable

Country club dues are coming due, Brittany and Dylan's tuition bill came yesterday and Lynn wants to redecorate the solarium.

What's your problem?

(Do I really need a sarcasm icon?)

[ChromeFoundry]

2. This is fucking insane. n/t

[spelldmilk]

7. yup. i'm speechless. n/t

[sarcasmo]

3. GREED!

[Name removed]

5. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[dixiegrrrrl]

4. All the while, this goes on:

Global Warming: It's too late.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5706307

[Norrin Radd]

6. kicking so people get to see this shit.

[MetaTrope]

8. So the taxes that were pulled from my wallet this year

have been used to pay 1 percent of one of these guys' salary? Gee, that's such a comfort.

[durablend]

12. They needed the money more than you...

Now STFU and get back to work!!!!!!!!!!!!!!!!!!!

:sarcasm:

[Baby Snooks]

9. Business as usual...

They told me to buy MCI. Then sold it for nothing just to keep me from suing. MCI and them I guess. They claimed I instructed them to. Then claimed I didn't notify them in time but still claimed again that I instructed them to.

Bernie Madoff isn't the only crook on Wall Street. He's just the only one sitting in a jail cell.

[PSPS]

10. The best Friday news dumps are those before a three-day weekend.

[OhioChick]

11. Sure are. n/t