Saturday, September 03, 2005

Overwhelming Generosity

At its pressroom, Morgan Stanley proudly reports that it "will allocate more than $1 million in support for the victims of the disaster." Of that amount, $500,000 is in the form of a match to employee contributions.

This from the same firm that paid Stephen Crawford $32 million after he resigned after 3 1/2 months as co-president. Not that Mr. Crawford was ungrateful. He did note that it was "a great privilege" working for the firm.

Just to put this in perspective, if Mr. Crawford made a contribution of just 1.5625% of his termination award, it would totally absorb the amount set aside by the company for employee matches.

Of course, I suppose Morgan Stanley would refuse to match the contribution since Mr. Crawford is no longer an employee.

1 comment:

Anonymous said...

How about the Tax and Business Law Commentary Relief Fund? Probably could raise enough to provide a small Starbucks to 10 refugees, Oh!, I mean evacuees.

Does Katrina affect your thinking on the Estate Tax?