Morgan CEO forgoes bonus
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Morgan Stanley Chief Executive John J. Mack is giving up a bonus for the second straight year as Wall Street struggles through one of the most severe crises in its history.
Mack told employees that he and the firm’s two presidents, James Gorman and Walid Chammah, informed the board’s compensation committee of their decision to forgo 2008 bonuses, and the committee accepted.
Mack said the company was changing year-end compensation for other employees too.
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