Morgan Stanley still paying for Purcell

Phil Purcell is gone, but his expenses remain. A recent proxy shows that Morgan plans to pay almost $8 million (as part of a larger exit package) in secretarial services, annual salaries and contributions to charity until he dies. The total estimated cost: $3.15 million in salary, $2.9 million in charitable contributions, and $1.9 million for secretaries. That said, the firm argues that getting Purcell out was the deal of a lifetime, judged against the value created by Morgan's rising stock price.

> Here's a New York Post article.