NEW YORK - Closing out a banner year on Wall Street, Morgan
Stanley chairman and chief executive John Mack will get a US$40
million (S$61.7 million) bonus under his tree, documents filed with
regulators showed.
According to documents filed on Thursday with the Securities and
Exchange Commission, Mr Mack's year-end bonus amounted to 461,821
shares in the firm, which on Dec 12 would be worth US$36.2 million
(S$55.8 million).
He also received 178,945 stock options worth an estimated US$4
million.
The amount topped the US$38.3 million given in 2005 to Mr Henry
Paulson, the former Goldman Sachs chief who went on to become US
Treasury Secretary this year.
It also eclipsed the US$10.9 million for Lehman Brothers chairman
and Chief Executive Officer Richard Fuld this year.
But Mr Mack, 62, who returned to head the Wall Street investment
giant in 2005, is not expected to hold the record for long.
'It won't be the biggest bonus for long,' said Mr Alan Johnson of
the consultancy Johnson Associates.
'We're predicting that Goldman Sachs's CEO (Lloyd Blankfein) will
get between $46 and $48 million this year and Merrill Lynch's CEO
(Stan O'Neal) will have between $42 and $43 million,' he
said.
Overall in 2006, according to Mr Johnson, bonuses are expected to
be up 15 to 20 per cent.
Morgan Stanley is due to report its fourth-quarter and annual
results on Tuesday. They are expected to show record profits,
helped by big increases in merger and acquisition activity. --
AFP
Straits Times, 16 Dec