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Bonuses Up, IQs Down At Morgan Stanley

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Bonuses out of Morgan Stanley will increase from $8.39 billion to $9.93 billion this year. The extra spending money will serve MS employees well, when they're all fired to make up for a near-$10 billion writedown. Taking one for the team is CEO John Mack, who will reportedly be pulling a Jimmy Cayne and forgoing his pile of unmarked twenties this year, and however unlikely, we move that for this statement alone, CFO Colm Kelleher should be stripped of his bonus, too, or given his plus Mack's, I can't decide: "If you were to normalize our business and take out this $9.4 billion charge, you would see that we had a record year across the whole enterprise."
Morgan Stanley Bonus Pool Rises as CEO Forgoes Pay [Bloomberg]