If it wasn’t so sad you may almost feel sorry for poor CEO of Morgan Stanley John Mack. After making bad bets on mortgage-related debt, Morgan Stanley reports a $9.4B writedown. As a result, it had to get $5B from an arm of the Chinese government. This is what happens when no one is regulating this industry. However, in a statement accepting blame, the CEO said he would forgo this year’s bonus. Not return his multi-million dollar salary, or fire those responsible, or call for a criminal investigation, but just forgo his bonus. Where’s the Bush Justice Deparment? When will this corporate mischief stop? When will corporations be held accountable for their misdeeds?
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