Saxon Mortgage parent Morgan Stanley has seen fit to give the company chairman a 150 percent pay raise. Meanwhile Saxon Mortgage can’t even endorse and return my insurance check in a timely manner. Here is why they think Mack is worth the money:
NEW YORK, May 28 (Reuters) – Morgan Stanley (MS.N) Chairman John Mack, who has said Wall Street’s high pay packages show that the industry is out of touch with mainstream America, is receiving a 150 percent base salary increase to $2 million.
Mack, who declined to accept a bonus the past three years, received a base salary of $800,000 in 2009. In 2006, the last year he received a bonus, he was awarded restricted shares that were worth $36.2 million at the time.
The salary increase, which was revealed in a regulatory filing, was meant to pay him “in line with his new role” as chairman, Morgan Stanley said.