Record re­wards for Gold­man boss

Shanghai Daily - - INTERNATIONAL -

Mack, who re­ceived US$40 mil­lion last year, is for­go­ing a 2007 bonus af­ter the firm wrote down US$9.4 bil­lion in debt se­cu­ri­ties dur­ing the fourth quar­ter and re­ported its first loss. Mack, 63, last month ousted Zoe Cruz, the co­pres­i­dent who over­saw the se­cu­ri­ties unit, and de­moted trad­ing chief Neal Shear. Cruz, 52, and Shear, 53, were the high­est­paid ex­ec­u­tives af­ter Mack last year. Nei­ther re­ceived bonuses this year.

Mor­gan Stan­ley gained US$3, or 5.8 per­cent, to US$54.37 at 4pm on Fri­day in New York Stock Ex­change com­pos­ite trad­ing. The shares are down al­most 20 per­cent this year, com­pared with a 13 per­cent de­cline in the 12-mem­ber AMEX Se­cu­ri­ties Bro­ker/Dealer In­dex.

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