We've discussed Morgan Stanley's behind the scenes role in the bailout of Fannie and Freddie. You've no doubt heard that Morgan Stanley stars Bob Scully and Ruth Porat headed a team of 39 executives that worked round the clock on the project. All for just $95,000--the maximum allowed by the government on a pro bono assignment. Fortune reports that there were more explicit costs to the image-burnishing project, which ultimately recommended drastic action. Morgan was "set to receive at least $20 million in fees from Freddie for helping to raise billions of dollars in capital. The firm was also lining up potential advisory work for Fannie, which could have inflated Morgan's total take to some $40 million."  

For more:
- here's the Fortune article

Related Articles:
Morgan Stanley findings lead to Fannie, Freddie drama
Morgan Stanley on the Fannie, Freddie hot seat