Morgan Stanley should scrap $3 billion bonuses: senator

Morgan Stanley (MS.N) should be barred from paying as much as $3 billion to entice brokers to stay when the company and Citigroup Inc (C.N) merge their brokerage operations, U.S. Senator Robert Menendez said.

In a Tuesday letter to U.S. Treasury Secretary Timothy Geithner, Menendez, a New Jersey Democrat, urged the government to use "every legal means available" to stop the payouts as long as Morgan Stanley receives support from taxpayers.

"These payouts constitute misuse of taxpayer money," Menendez wrote. "Some on Wall Street don't understand that they, more than anyone, cannot be permitted to carry on with business as usual. These times demand shared sacrifice."

Read Full Article from Reuters

- Posted: 2009-03-18 08:19:44

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