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FBN’s Charlie Gasparino on Morgan Stanley spending big money on a party for outgoing Chairman John Mack as its stock price plummets.
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Cutbacks and shrinking bonuses did Morgan Stanley throw up a pretty major bash for -- retiring chairman John Mack.
Charlie Gasparino has exclusive details party.
Up what Huffman.
You know -- I'm smoking this in commemoration of John Mack -- the fat -- and Morgan Stanley I like John personally but.
-- -- -- -- Just a little bit over the top okay what are they did where's where's -- and the stock -- biggest loser right -- biggest loser today in the financials the major financials right down to just under 6% point out since last year Morgan Stanley stock is down over 40%.
Guess what they did they held this interest in little party inside the firm for for.
For media executives employees.
That would Mack talked about a shoe fetish and -- that it has he admitted to admission finished.
That we wrote about this at all exit follows normal office right.
Are also many as fat hands you know and they -- -- Portugal is very very lighthearted everybody got it but got a big kick but then the after party.
Is what now has a lot of Morgan Stanley -- both current and former really.
I guess the best word as I -- they -- their top because essentially.
They eat they held and so most of a swanky get together act at the temple of danger you know this planks and door -- the net.
So -- get this place -- you get to.
I tell you all in Alexander the Great all we -- we haven't broken down as nice nice we have a broken down into on foxbusiness.com.
In the story that that's Tom I just wrote.
-- when the thing must've cost a 100000 dollars -- the question is should they be spending money out of their own pockets and we here they are spending money on their own pockets.
A spokeswoman for borders and will not tonight is should they be doing that.
As the stock price is going down obviously one of the worst performance -- not only that James Gorman CEO who paid for this event.
Apparently is telling you confirming that executives as we're first to report that -- -- might not get bonuses this year.
Because of the DO the travails of the the company and the stock price the real to -- so the question is should they be spending money on this.
And I think the the consensus is that.
Too little too much back Cadbury well now you weren't here but Fox Business have its launch party at the temple of Denver where -- was that.
Well 2007 planet we have our party this year no way.
A pizza boxes but it was a good point thing with the times right I mean this was right before the.
That's -- -- -- -- point I mean some of this is perception you know and Morgan Stanley is not doing well it's not doing well.
For its shareholders -- again.
They're getting -- wanted to do that it doesn't pass the smell it just doesn't look right John Mack is a great man he's a good friend of mine -- -- I've covered his ups and downs Suez and he deserves accolades he deserves it -- save the firm that some B would say that he took the risk to put in trouble.
But he really did -- defer.
He deserves.
I think couldn't have been an ice event they had that afternoon inside the company cafeteria where -- -- it was invited that would that would suffice instead they go out -- the kind of rolling it.
By doing this thing about -- temple bench while they should go to -- wrote us a steak house.
I -- brutal Colombia despite -- -- a site dedicated to my T -- credit right.
Idiotic I'll tell you go to -- club they stay up.
It's a lot cheaper you're gonna spend a lot less than a 100000 -- on a picture of food and the booze is better and you'll get more good will from -- investors are thank you Charlie I'll I'm no smoking on the sent.
Not let it.
-- -- of being a fat -- closing.
