This WSJ news alert arrived earlier this morning.

What does it say about our political economy when it’s considered news that the guy in charge when they had to take $9.4 BILLION in write-downs in three months “won’t accept a bonus”. Really!

Does that mean he expects to be offered a bonus despite these results?

Amazing.

NEWS ALERT
from The Wall Street Journal

Dec. 19, 2007

Morgan Stanley swung to a fourth-quarter net loss of $3.59 billion from a profit of $2.21 billion a year earlier. The investment bank announced a further $5.7 billion in mortgage-related write-downs, for a total $9.4 billion in write-downs for the quarter. CEO John Mack said he won’t accept a bonus for 2007.