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View Full Version : Sadly, this probably won't surpise anyone.



REDREAD
08-01-2005, 09:54 PM
Sadly stories like this are pretty typical in this age of me-first greed


In June, Co-President Stephen S. Crawford of the financial giant Morgan Stanley (who was installed in the job in order to ensure management "stability" during the company's currently shaky status with investors) signed a two-year contract at $16 million a year which allowed him, if he changed his mind, to resign and promptly collect all $32 million. A few days later, he resigned. The "stability" was needed at faltering Morgan Stanley because longtime CEO Philip J. Purcell had just been eased out, but his contract called for $113 million in severance pay. [New York Times, 7-11-05]

pedro
08-01-2005, 09:56 PM
That is beyond the pale.

KronoRed
08-01-2005, 09:56 PM
32 million for a few days work?

I need to get into that business.

zombie-a-go-go
08-02-2005, 06:50 AM
:laugh:

Oh man, that's great. What did they expect? :laugh:

On the other hand, I hope that 32mil lasts him, because I imagine his actions are going to leave a pretty large stain on his resume.

zombie-a-go-go
08-02-2005, 06:51 AM
Did I really just say "I hope that 32mil lasts him?"

Heh.

Hap
08-02-2005, 07:07 AM
I'm glad I never used them to invest any of my retirement nest egg.

RFS62
08-02-2005, 07:56 AM
Unbelievable

MrCinatit
08-02-2005, 08:12 AM
Did I really just say "I hope that 32mil lasts him?"

Heh.

actually, the pathetic thing about this is that people who make that much money somehow manage to burn it up in no time.
that said, contract or no contract, i smell a lawsuit in the making.

registerthis
08-02-2005, 08:18 AM
Ahhh, Mega Companies.

I just love them.

LincolnparkRed
08-02-2005, 10:39 AM
actually, the pathetic thing about this is that people who make that much money somehow manage to burn it up in no time.
that said, contract or no contract, i smell a lawsuit in the making.

I will agree with that, I supervise the corporate card program at our company and get to see what everyone spends every month. Some of the attorneys make over a 1,000,000 yearly but spend 8,000 a month on their credits cards.

REDREAD
08-02-2005, 11:54 AM
Ahhh, Mega Companies.

I just love them.

Yep, and you just have to wonder how many 20-30k jobs are eliminated every year to "help the bottom line". Then the board has no problem paying out 145 million as severance pay to those two jokers.

And I bet Crawford probably gets another job if he wants one. It's definitely a "good old boys" network.