Morgan Stanley Execs forgo 2008 Bonuses..and I applaud them
The Associated Press reported that John Mack, Morgan Stanley's CEO as well as the firm's two Presidents James Gorman and Walid Chammah informed the Board of Directors that they made a decision to forgo their bonuses for 2008. This marks the second year in a row that Mack has done so.
With the economy in turmoil, these gentlemen decided that based on recent backlash of unnecessary spending of the Big 3 Auto CEO's that the best defense was a good offense and decided to make this unsolicited announcement to the Morgan Stanley employees.
I commend the decision to do so. One of the impacts of their announcement is that it will most likely relieve tension amongst the staff who may not receive any type of bonus or salary increase and lets the staff know that the senior management team of the firm is "in it together" with them, standing side by side throughout the current economy