- Morgan Stanley’s Mack Says Investment Banker Pay Still Too High
- Madoff Daughter-in-Law Seeks to Change Name After Death Threats
- Appaloosa Seeks to Join Lawsuit Over Stuyvesant Town
Morgan Stanley Chairman John Mack said investment bankers are overpaid and Wall Street compensation won’t decrease much because firms don’t want to lose their best performers.“I still don’t think the industry gets it,” Mack said yesterday during an appearance in Charlotte, North Carolina. “The issue is not structure, it is amount.” He spoke at a question-and-answer session moderated by former Bank of America Corp. Chief Executive Officer Hugh McColl Jr. at Queens University, a private institution whose graduate business school is named after McColl.Mack, who retired as CEO of the world’s biggest brokerage in December, cited a 28-year-old Morgan Stanley trader whose unit had earned $300 million to $400 million for the firm. After Morgan Stanley offered $11 million in compensation, the trader jumped to a hedge fund that paid him $25 million, Mack said…..
Bernard L. Madoff’s daughter-in law Stephanie, the second wife of his son Mark, filed a formal request to have her surname legally changed to Morgan, as well as those of her two children, Audrey and Nicholas.In court papers filed yesterday, Stephanie Savene Madoff filed separate requests for the three name changes in New York State Supreme Court in Manhattan. The couple’s daughter Audrey Viola is 3 years old, while their son Nicholas had his first birthday on Feb. 13…..
Appaloosa Seeks to Join Lawsuit Over Stuyvesant Town - Bloomberg
Appaloosa Investment LP asked a judge for permission to join a lawsuit over the foreclosure of Stuyvesant Town-Peter Cooper Village apartments, saying it may lose as much as $200 million if the case proceeds.Appaloosa says the trustee, CW Capital Asset Management LLC, is pursuing foreclosure “in breach of its fiduciary obligations to Appaloosa,” which has more than $750 million at stake in trusts secured by the mortgage on the Manhattan complex. Foreclosure would require a double payment of New York City’s $100 million transfer tax, Appaloosa said in its request to join the suit in federal court in Manhattan……
Tags: Activists, Appaloosa, Bernie Madoff, Bonuses, Compensation, David Tepper, Hedge funds, John Mack, Morgan Stanley, Real Estate
