Hot Damn, that is a lot of money

[OulOat]

Former Morgan Stanley (MWD) Chairman and Chief Executive Phil Purcell will get a $43.9 million bonus, $250,000 a year for life, health benefits and office help as part of his severance with the company he led for eight years.

Purcell, 61, will receive half his bonus money on Jan. 15, 2006, and the rest one year later. The bonus will be adjusted by a percentage roughly equal to Morgan Stanley's annual pretax earnings growth.

In addition, under the agreement filed with the Securities and Exchange Commission on Thursday, Purcell will receive the $250,000-a-year payment for the rest of his life, and Morgan Stanley agreed to contribute another $250,000 a year in Purcell's name to charities of his choice.

From USA Today

Getting paid for getting fired. Wish I was at that level.

 

[keeleysam]

damn!

 

[PClark99]

Its a crime. And my 401k plan has netted me about 0 percent over the last 5 years.

He should get squat.

 

[PHiuR]

that is $$$

 

[jtusa]

Originally posted by: OulOat

Former Morgan Stanley (MWD) Chairman and Chief Executive Phil Purcell will get a $43.9 million bonus, $250,000 a year for life, health benefits and office help as part of his severance with the company he led for eight years.

Purcell, 61, will receive half his bonus money on Jan. 15, 2006, and the rest one year later. The bonus will be adjusted by a percentage roughly equal to Morgan Stanley's annual pretax earnings growth.

In addition, under the agreement filed with the Securities and Exchange Commission on Thursday, Purcell will receive the $250,000-a-year payment for the rest of his life, and Morgan Stanley agreed to contribute another $250,000 a year in Purcell's name to charities of his choice.

From USA Today

Getting paid for getting fired. Wish I was at that level.

If I got paid like that for getting fired I'd piss on the CEO's desk tomorrow.

 

[saxophonoia]

geez. That's insane.

 

[James3shin]

CHA-CHING!!!

 

[Sheepathon]

It's his own desk...

 

[HardcoreRobot]

this is why america is great. that could be anyone of us but yeah, lets just be jealous and want to take it away becuase we are not as fortunate

 

[cjgallen]

:Q

 

[OulOat]

Originally posted by: Sheepathon
It's his own desk...

How about pissing on each shareholder's desk then

 

[jtusa]

Originally posted by: OulOat

Originally posted by: Sheepathon
It's his own desk...

How about pissing on each shareholder's desk then

Haha, whatever it takes!

 

[sonz70]

Originally posted by: HardcoreRobot
this is why america is great. that could be anyone of us but yeah, lets just be jealous and want to take it away becuase we are not as fortunate

or did not work as hard as he has to get where he is today.

 

[OulOat]

Originally posted by: HardcoreRobot
this is why america is great. that could be anyone of us but yeah, lets just be jealous and want to take it away becuase we are not as fortunate

Hey hey, let's not go there. I did not create this thread to push or bash capitalism. I'm just shocked that you can get paid for getting fired.

 

[Kalbi]

Why would the board reward him for leading the company into the state it is in now?

 

[Orsorum]

Originally posted by: sonz70

Originally posted by: HardcoreRobot
this is why america is great. that could be anyone of us but yeah, lets just be jealous and want to take it away becuase we are not as fortunate

or did not work as hard as he has to get where he is today.

You work hard, don't you? Or is that "get worked hard"?

 

[CrackaLackaZe]

Originally posted by: Kalbi
Why would the board reward him for leading the company into the state it is in now?

It's not rewarding, I'm sure they have agreements and clauses that provision their severance packages when they're hired.

 

[ghostman]

If I'm not mistaken, many analysts feel the severance package is way too generous for Purcell, considering how he crippled Morgan Stanley in the last few years. I actually wanted Purcell to stay, seeing as how I'm not so fond of that company.

 

[deejayshakur]

Originally posted by: OulOat

Wish I was at that level.

of corruption?

 

[cthulhu]

I'm sorry but I think that is obscene.
That's what happens when you have a position and not a job.

 

[KarenMarie]

neil cavuto and pals estimated the total package was more than $114 million. the $250k to charity in his name every year is to offset the taxes he should have to pay on the $250k a year payment he will get .

i should have stayed in school.

 

[Ameesh]

Originally posted by: deejayshakur

Originally posted by: OulOat

Wish I was at that level.

of corruption?

so don't judge! its not right!!!1

 

[imported_LoKe]

It's his company, no?
What's the problem?

 

[OulOat]

Originally posted by: LoKe
It's his company, no?
What's the problem?

It is not his company. He runs the day-to-day business, but it's the shareholders' company.

 

[kermalou]

be happy for the guy, stop hating.

you too could get that if you worked hard enough, instead of sitting on your ass and wondering why that wasn't you.