Fat Cats

Morgan Stanley Passing Out Raises

Morgan Stanley finally found how to get around federal bonus restrictions on TARP-supported banks. Though the investment bank is cutting bonuses, the majority of their executives will get raises this year, reports Bloomberg. And they're not the only ones: UBS AG raised bankers' base pay 50 percent this year and Bank of America recently said they might increase salaries, too. Several Morgan Stanley executives, including Chief Financial Officer Colm Kelleher, Chief Legal Officer Gary Lynch, and Chief Administrative Officer Thomas Nides will see their salaries double--or more. Previous pay disputes on Wall Street have given rise to spirited to discussions on results-driven pay and the roll of bonuses in bankers' gross pay; this time, however, Morgan Stanley has no comment.