Mack Too much fatted calf

It hasn’t taken long for the cheers to turn to boos at Morgan Stanley over the return of its prodigal son. One glance at the lucrative contracts and guarantees offered to John Mack and other senior executives was enough. Talk about killing the fatted calf. It was more like slaughtering the entire herd. Mack has now removed the most egregious clauses from his own contract – those linking his pay to the performance of rivals and guaranteeing him $25m a year. But that doesn’t entirely get him off ...