Governor “Skeptical” on Morgan Stanley Bailout

Apparently, Governor Christie is “skeptical” about the proposed $300 million Morgan Stanley tax break, according to the Asbury Park Press.  The paper reports that the Governor had this to say about the proposed bailout:

“It’s interesting that they’re looking for a tax break. I don’t know that’s something that’s necessary. I would be skeptical about that. I don’t want to say no outright, but I’m going to be Missouri on that one — they’re going to have to show me why that’s absolutely necessary and convince me. So paint me skeptical on that.”

While Morgan Stanley works on their presentation for the Governor showing why they need a tax break, they are also spending alot of time explaining their bonus and compensation structure.  According to the Wall Street Journal, Morgan Stanley is facing a barrage of criticism from shareholders over the company’s high compensation.  The CEO acknowledged that compensation was at a “historic high,” but he promised it was at a level that “nobody on my management team…will ever see again.”  Honestly.