Morgan Stanley: Best Friend of CEOs

If you’re a CEO of a public company looking for a raise, you should be happy to see Morgan Stanley on your list of largest stock holders. A new study by an affiliate of the AFL-CIO finds that MS votes in favor of management-compensation proposals a whopping 94.7% of the time compared to an average of 73.9%. The other Top 5 pushovers include AIM Investments, Dreyfus, AllianceBernstein, and Oppenheimer. “One of the best examples of excessive undeserved CEO pay was the pay package that [former Morgan Stanley CEO] Phil Purcell walked away with,” said one of the study’s authors. “They may be embarrassed to vote against pay packages that would make their CEO pay packages look even that much more excessive.” Zing!
Mutual Funds Stoke CEO Pay [MarketWatch]

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