Embarrassed Morgan Stanley CEO Skips Bonus

AP:

"Deeply disappointing" fourth-quarter writedowns have Morgan Stanley Chief Executive John Mack bypassing his year-end bonus -- and he is unlikely to be the only Wall Street CEO giving up tens of millions of dollars in holiday money.

Morgan Stanley said it was forced to take $9.4 billion in writedowns during its fourth fiscal quarter, which ended Nov. 30, because of bad bets on securities backed by mortgages.

"Ultimately, accountability for our results rests with me, and I believe in pay for performance, so I've told our compensation committee that I will not accept a bonus for 2007," Mack said in a statement.

Read the whole story: AP

Comments

[WIpatriot]

Seeing as how I've never recieved a year end bonus (except the frozen ham one year) I really can't appreciate what a painful experience this must be.

[MilwaukeeDan]

Mack got a $40 million dollar bonus last year, so the pain won't be that great. How do you spend $40 million dollars?