This season, some senior bankers have opted to skip their 2007 bonuses. John Mack, Morgan Stanley's...
This season, some senior bankers have opted to skip their 2007 bonuses. John Mack, Morgan Stanley's CEO, decided he would not accept any extra pay for 2007. So did Marcel Ospel, the chairman of Zurich-based investment bank UBS. As the scale of their losses in the sub-prime markets is revealed, other bankers may also decide a display of parsimony is in order. But instead of just relinquishing their bonuses for one year, wouldn't it be better for men such as Mack and Ospel to give back some of the money they made in 2006? It is precisely the 'heads I win, tails you lose' attitude that g...
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