Morgan Stanley: The Leaving Is The Best Part

No wonder there's so much reshuffling going on at Morgan Stanley: The fall-out from the firm's recent civil war claimed 55 senior casualties. The only surprising thing is that there's any money left to reward the appointees, given the monster pay-outs the departing managers are picking up on their way out the door. According to a SEC filing on Wednesday, Morgan will pay $34.5 million to three former senior executives alone. (This doesn't include the $44 million former CEO Phil Purcell received when he was ousted in July.) The three lucky winners? Co-president Stephen Newhouse who will bank more than $17 million by the end of January; Vikram Pandit, the former chief operating officer of the institutional securities group who will get a little more than $9 million; and John Havens, Morgan's former institutional equities chief, who will be $7.9 million richer as of December 7. Pandit and Havens have recently set up a hedge fund and private equity fund focused on India. All told, MSNBC reports, the recent payouts bring the total amount of "exceptional compensation" associated with the turnover to more than $200 million. As the NY Post put it, "The best job on Wall Street recently seems to have been quitting a senior post at Morgan Stanley." Morgan Doles Out Millions to Former Execs [NY Post] Morgan Stanley to Pay $34 Million [MSNBC] A Little Bit of the Old In-Out at MS [Under The Counter]

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