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To: Boplicity who wrote (11245)	3/6/2001 5:04:52 PM
From: Raymond Duray	Respond to of 13572

Re: BS - Something from the SECrets Newsletter, part of Edgar Online, (via email so no URL): EXECUTIVE COMPENSATION SPOTLIGHT: * Bear Stearns Companies Inc. (BSC) weighed in Friday with its own bonus-laden proxy statement (DEF 14A). CEO, James E. Cayne, received nearly $11.7 million in direct compensation in 2000 (all but $200,000 of which was bonus). Board Chairman Alan C. Greenberg also made the 8-figure club in 2000, with more than $10.5 million in direct compensation 98% of which was bonus. The firm's top lawyer, Mark E. Lehman, supplemented his $200,000 base with a nearly $3 million bonus. The company's net income grew 14.8% in FY 2000 and its stock price appreciated 18.6%. OK, so you got laid off at Bare Sterns, where ya gonna go? MSDW (Mighty Silly Dancin' wid Wall street), same source: ON THE INSIDE Where Are the Customer's Yachts? Investors going broke, but Morgan Stanley Chieftains aren't The stock market might be in the gutter and the IPO window nailed shut, but you wouldn't know it from the bonuses Morgan Stanley Dean Witter (MWD) lavishes on its top officials. Though the broker's stock is trading at nearly half its 52-week high of $110, and no less an observer than JP Morgan Securities downgraded the shares March 1, Morgan Stanley gave higher bonuses in 2000 to nearly all its top officials, including $12.6 million each for Philip J. Purcell, chairman and chief executive, and John J. Mack, who was president last year and in January announced his resignation. That was half a million dollars more than they had received in 1999. EDGAR Online's Compensation Express reports that total direct compensation of Purcell and Mack in 2000 was $13.4 million. Peter F. Karches, who retired last year as president and chief operating officer of the company's Institutional Securities Group, was given a bonus of $23.6 million as part of his retirement package. In 1999, the bonuses of Purcell and Mack were $12.1 million. Their salaries were unchanged at $775,000. These data can be found in the EDGAR Online database, in Morgan Stanley's proxy statement filed Feb. 23, 2000. Vikram S. Pandit, co-president and COO of Institutional Securities, received total direct compensation in 2000 of $10.7 million, including a bonus of $10.4 million. In 1999, his bonus was $8.4 million. Joseph R. Parella, chairman of Institutional Securities, was the only top official to be given a lower bonus last year than in 1999 -- $7.7 million in 2000, compared with $8.4 million the prior year. His salary was unchanged at $300,000. Morgan Stanley earned $5.46 billion in its fiscal year ended last November, on net revenues of $26.4 billion, but its profits began to slacken in last year's third quarter for the first time in five years. In its downgrade, JP Morgan said it expects the company to report earnings of 95 cents a share for its fiscal first quarter ended in February - a 29% decline from the same period a year earlier, and down from a consensus estimate of $1.01. Morgan Stanley is expected to report earnings March 22. JP Morgan cut its rating on Morgan Stanley's stock to "market performer" from "long-term buy." A report by JP Morgan analyst Michael Freudenstein noted, "The prospects for a second-half pickup in advisory fees following four consecutive months of depressed U.S. announced activity and two months of slowing non-U.S. announced activity is dimming." JP Morgan trimmed its estimate of this year's earnings by 45 cents to $4.55 a share. Last year Morgan Stanley earned $4.73 a share Morgan Stanley Dean Witter didn't return alls for comment. Does anyone on the thread happen to know the relationship of Institutional Securities to MSDW? First time I'm hearing of them. My guess? A subsidiary that loves** to bet against the retail patzer for fun and profit. BWDIK? Gosh, you'd think with all that success they'd be dying to get the word out to the investment community, woodtya? They've also locked in bonuses for the top tier players for next year already. No matter what happens to the economy or the market, the right people get more next February. Isn't America great? Best, Ray ;)