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Morgan Stanley CEO Gets $41.7M in 2007
Posted: 2008-02-15 18:26:23
NEW YORK (AP) - Morgan Stanley on Friday said Chief Executive John Mack received compensation valued at about $41.7 million in 2007, a regulatory filing showed, a year when the investment bank's profit plunged 57 percent.
Mack, one of the highest paid bankers on Wall Street, did not receive a bonus in 2007 because of the company's losses due to the subprime crisis. Morgan Stanley lost $3.59 billion during the fourth-quarter because of risky bets on mortgage-backed securities.
None of the executive committee members at Bear Stearns Cos., the fifth-biggest securities firm, are taking bonuses after a $1.9 billion write-down during the fourth quarter. Meanwhile, Merrill Lynch & Co. CEO Stan O'Neal was ousted from his job and didn't receive any 2007 bonus.
However, Mack did receive an $800,000 salary, stock awards valued at $40.2 million, and $399,153 of other compensation, according to a filing with the Securities and Exchange Commission on Friday. Among the perks was $355,000 spent on his personal use of the corporate jet.
Morgan Stanley reported in December that full-year profit fell to $3.21 billion from $7.47 billion a year earlier. The company is about two weeks from completing its first quarter of 2008, and more write-offs from the subprime crisis is expected.
Morgan Stanley, which has lost 20 percent of its market value this year, dropped 30 cents to $42.32 in composite trading on the New York Stock Exchange at 4 p.m.
http://money.aol.com/news/articles/_a/morgan-stanley-ceo-gets-417m-in-2007/n20080215182609990026
Look at the recent volume explosion in this stocks!
Posted: 2008-02-15 18:26:23
NEW YORK (AP) - Morgan Stanley on Friday said Chief Executive John Mack received compensation valued at about $41.7 million in 2007, a regulatory filing showed, a year when the investment bank's profit plunged 57 percent.
Mack, one of the highest paid bankers on Wall Street, did not receive a bonus in 2007 because of the company's losses due to the subprime crisis. Morgan Stanley lost $3.59 billion during the fourth-quarter because of risky bets on mortgage-backed securities.
None of the executive committee members at Bear Stearns Cos., the fifth-biggest securities firm, are taking bonuses after a $1.9 billion write-down during the fourth quarter. Meanwhile, Merrill Lynch & Co. CEO Stan O'Neal was ousted from his job and didn't receive any 2007 bonus.
However, Mack did receive an $800,000 salary, stock awards valued at $40.2 million, and $399,153 of other compensation, according to a filing with the Securities and Exchange Commission on Friday. Among the perks was $355,000 spent on his personal use of the corporate jet.
Morgan Stanley reported in December that full-year profit fell to $3.21 billion from $7.47 billion a year earlier. The company is about two weeks from completing its first quarter of 2008, and more write-offs from the subprime crisis is expected.
Morgan Stanley, which has lost 20 percent of its market value this year, dropped 30 cents to $42.32 in composite trading on the New York Stock Exchange at 4 p.m.
http://money.aol.com/news/articles/_a/morgan-stanley-ceo-gets-417m-in-2007/n20080215182609990026
Look at the recent volume explosion in this stocks!
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