John Mack, the new head of Morgan Stanley, moved very quickly to correct an error made by the Morgan directors in guaranteeing him $25,000,000 in compensation. He did the right thing and decided to have his pay set after the results of what will hopefully become a new Morgan Stanley are in.
The old Morgan Stanley continues to rack up the legal expenses. They now say that the expenses relative to the Perelman case could exceed $1.2 billion. This is in addition to the judicial award of $1.45 billion to Perelman. And to think that Purcell could have settled the case for $20,000,000!
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