Wednesday, 22 July 2009


From Bloomberg:
Morgan Stanley set aside 72 percent of its second-quarter revenue for compensation and benefits, more than Goldman Sachs Group Inc. or JPMorgan Chase & Co.
Why on earth do the shareholders tolerate this? That's nearly three quarters of their money, money that they as owners of the firm deserve, that is going out the doors again to employees. If I owned Morgan Stanley stock I would be outraged. Instead probably most of them have so little sense that they are probably buying wrapping paper for really large piles of money as you read this.



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