Mack signs lucrative employment deal

According to a regulatory filing, John Mack will rake in $25 million per year at a minimum. MarketWatch further notes that Mack's contract runs through 2010, and it is apparently stipulated in his contract that he will receive "no less than the lowest-paid among the CEOs of Goldman Sachs, Lehman Bros., Bear Stearns and Merrill Lynch." Mack will also receive 500,000 shares of restricted stock. One-fifth of those shares are vested at grant; other 20 percent chunks will vest annually.

> Here's the MarketWatch summary.