Morgan Stanley has form on Executive paypackets. In July, it rewarded former chief executive Philip Purcell's failure with $44 million in cash. Now the second biggest securities firm by market value has given its chief executive officer John Mack a bonus of $11.5 million in stock. That's for five months work.

True, Mack altered his employment agreement to base his pay on performance. But $11.5 million, albeit in stock, for five months? Even if the results were brilliant, the package is a tad generous, particularly for a stock which had been lagging. As compensation expert Daniel Moynihan told Reuters: ''I think they are probably paying for the potential rather than the results at this point."

You can say that again!

At some point, someone is going to have to look at the money being paid out on Wall Street.