Morgan Stanley’s Mack gives up on bonus

Perhaps the rage from We The People is, in fact, palpable and properly focused. This story warms my heart.

Mr Mack was mindful of the anger at bankers’ compensation, and the distraction a bonus might create as he prepared to step aside. As an executive who has managed his public persona carefully, Mr Mack may also have weighed the effects on his legacy.

Mr Mack is likely to earn about $800,000 in salary this year – a low amount for a Wall Street chief.

His move will increase the pressure on other top executives at rivals such as Goldman Sachs not to take a bonus.

The cynic in me will file this away, and check the quarterly reporting from Morgan Stanley to see if he will simply get a going-away present later in 2010 when Our attention is distracted by spring training or spring planting. For what it's worth, I consider the odds of a misdirection play like that are better than 50-50. I would love to be surprised by Mack actually doing the right thing. For the moment I will give credit where credit is due, and acknowledge that this is a Right Choice. Good on you, Mr. Mack.