Record rewards for Goldman boss
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.