Posts Tagged ‘Mack’
Saxon Mortgage parent Morgan Stanley has seen fit to give the company chairman a 150 percent pay raise. Meanwhile Saxon Mortgage can’t even endorse and return my insurance check in a timely manner. Here is why they think Mack is worth the money:
This was seen in the Wall Street Journal online edition:
The Journal continued with its criticisms, which certainly went beyond one unlucky trade: “In addition, under Mr. Mack’s watch, Morgan Stanley in February 2006 paid $1.76 billion for a credit-card company, Goldfish, only to see its value written down by $422 million a few weeks ago. He acquired a subprime-mortgage company, Saxon Capital Inc., for $706 million last December, even as warnings about the subprime storm were being sounded.”