Sometimes it is hard to put a quantitative measure to qualitative concepts like Stinking, Filthy and Dirty rich. As a useful approximation perhaps this story from AP will help bring some more rigour to these rather fuzzy concepts. And don’t bother placing a comment that reads: “they worked hard for it. ” Working hard ain’t got nothing to do with it. Indeed you will need a class anlysis to crack this chestnut.

Morgan Stanley CEO gets $40M 2006 bonus By JOE BEL
BRUNO, AP Business Writer
Fri Dec 15, 9:21 PM ET

NEW YORK – Morgan Stanley Inc., the second-largest
U.S. investment house, gave chief executive John Mack
$40 million in stock and options for 2006, reflecting
the largest bonus awarded to a Wall Street CEO.

Mack, 62, was awarded 461,821 stock units valued at
$36.2 million on December 12, according to a filing
with the Securities and Exchange Commission
late Thursday. He was also awarded 178,945 options to
buy Morgan Stanley shares, valued at about $4 million.

Morgan Stanley is expected to report its best year
ever on Tuesday, buoyed by a record run in the stock
market and an unprecedented level of takeover
activity. Goldman Sachs Group Inc., Bear Stearns Cos.
and Lehman Brothers Holdings Inc. turned in record
profit reports this week.

The record bonus comes 18 months since he rejoined
Morgan Stanley after an internal struggle over the
company’s lackluster performance caused the ouster of
CEO Philip Purcell. At the time, Mack pledged to
investors that he would turn around the company’s
sagging stock price and bolster profits.

He appears to be holding up his end of the bargain.
Since joining Morgan Stanley in June 2005, shares in
the company have risen about 62 percent – with some 40
percent of that coming in 2006.

Analysts project the company will report earnings of
$6.77 per share on $33.73 billion of revenue,
according to Thomson Financial. Most on Wall Street
expect Morgan Stanley will easily surpass these
projections.

Mack’s compensation eclipses the $38.3 million former
Goldman Sachs CEO Henry Paulson received in 2005.
Earlier this week, Lehman Brothers disclosed that CEO
Richard Fuld received $10.9 million in stock for 2006.

Bear Stearns, Goldman Sachs, and Merrill Lynch & Co.
have yet to file regulatory reports detailing bonus
packages for their top executives. However, on
average, 2006 will go down as some of the highest
overall compensation numbers in Wall Street’s history.

Goldman Sachs said in its full-year earnings report
that overall compensation this year was about $16.4
billion, or an average of about $622,000 per employee.
Lehman said it would pay its employees an average of
$335,441 this year – paying 25,936 workers a total of
$7.7 billion in salary, bonuses and other benefits. At
Bear Stearns, staff would receive an average of
$321,740 in compensation.

Morgan Stanley also reported stock bonuses for seven
of its other top executive officers, according to
regulatory filings.

Among them was co-presidents’ Zoe Cruz, who received
$17 million in stock and $1.92 million in options, and
Robert Scully, was awarded $11.4 million in stock and
$1.28 million in options. Chief Financial Officer
David Sidwell was paid $7.98 million in stock and
$890,291 in options.

Shares of the company slipped 34 cents to close at
$79.26.

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