Few will dispute that senior executives at banks and corporates deserve to be well paid for their work – assuming that they perform well. But far too many are heaping excess upon excess. We've seen more than enough examples in recent years: The largesse of former GE CEO Jack Welch; the penchant of former Tyco CEO Dennis Kozlowski for exceptionally expensive shower curtains and umbrella stands, among other examples; the staggering pay package for former New York Stock Exchange CEO Richard Grasso.
Despite such scandals, nothing has changed. Morgan Stanley is spending hundreds of millions of dollars compensating executives who are departing for the simple reason, regardless of how much they try to blame a...
