Some people say Uncle Sam isn’t doing enough to solve America’s looming retirement crisis. Just tell that to James Gorman. The Morgan Stanley chief executive has just retired, at age 65, after racking up a staggering $338 million in pay and bonuses during 14 years at the helm.
The pay total, revealed by company filings, works out at more than $66,000 a day, every day — including Sundays and holidays. This, of course, was during a period when Morgan Stanley
MS,
+1.45%,
along with the other big banks, was on the receiving end of generous help by the federal government. That included a tsunami of easy money provided by the Federal Reserve, through policies such as quantitative easing and zero interest rates. And it included an almost unprecedented taxpayer-supported backstop for banks, such as Morgan Stanley, officially designated “too big to fail.” How’s that for a government success story? Sure, during the same period the funding hole in Social Security has quadrupled, and half of the U.S. has no retirement account at all. But, hey, you can’t have everything! The Washington euphemism for “too big to fail” is “G-SIB”–“globally systemic investment banks.” Eight banks, including Morgan Stanley, have been explicitly named as so important that the government can’t allow them to go bust, which in turn means th …
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The pay total, revealed by company filings, works out at more than $66,000 a day, every day — including Sundays and holidays. This, of course, was during a period when Morgan Stanley
MS,
+1.45%,
along with the other big banks, was on the receiving end of generous help by the federal government. That included a tsunami of easy money provided by the Federal Reserve, through policies such as quantitative easing and zero interest rates. And it included an almost unprecedented taxpayer-supported backstop for banks, such as Morgan Stanley, officially designated “too big to fail.” How’s that for a government success story? Sure, during the same period the funding hole in Social Security has quadrupled, and half of the U.S. has no retirement account at all. But, hey, you can’t have everything! The Washington euphemism for “too big to fail” is “G-SIB”–“globally systemic investment banks.” Eight banks, including Morgan Stanley, have been explicitly named as so important that the government can’t allow them to go bust, which in turn means th …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]