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Morgan Stanley Employees Outraged at Lavish John Mack Party
December 13, 2011
[ by Melanie Gretchen ]
The Morgan Stanley party for departing chairman John Mack was nothing compared to its after-party counterpart.
Compared to the employee send-off for Mr. Mack - held in the afternoon at the firm's office - the exclusive after-party took place at the Temple of Dendur in the Metropolitan Museum of Arts, attended by a select number of former executives and friends of Mack, who's ending a 40-year career on Wall Street. Unbeknownst to most attendees, the evening affair, situated amidst ancient Egyptian art and artifacts, was paid for in full by Morgan Stanley, sources said. Costs exceeded $100K, including the $60K upfront fee for corporate membership and $38K for the 2-hour reception. The cost may have run higher if the event ran over 2 hours.
Employee Outrage. While Morgan Stanley hosted past events at the Museum's Temple - e.g., last year's 75th anniversary party - the firm has experienced a 40% fall in share price to around $15. Taking the lower share valuation into account along with the warning from CEO James Gorman that year-end bonuses were not guaranteed, employee reaction to the expensive evening affair dismayed and angered current employees. This sentiment was expressed well by one former MS senior executive to FOX Business:
"Take a look at the stock price and tell me why they should be spending company money on this crap."
For more details, go to [FOX Business, 12/12/11].
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