Ball point pen on the morning newsprint
John J Mack once told lawmakers during testimony before a US congressional committee “We love what we do. If you gave us no bonus, we would still be here,”
As CEO of Morgan, Mr. Mack ushered in an era of huge risk taking. After almost putting the financial giant out of business and relying on a government bail out, Mack is out, but the bonuses are not. Despite it's first loss in 74 years, Morgan Stanley earmarked 14.4 billion (with a B) for salaries and bonuses. that's 62 cents of every dollar of revenue.