Before John Mack re-took the reigns at Morgan Stanley, he reached out to Vikram Pandit and other executives who had left, including Joseph Perella and John Havens. None had jobs and all were open to returning to the firm that they loved — on the condition that co-president Zoe Cruz leave.
Now Morgan Stanley’s chief executive has ousted her over the $3.7 billion ($6 billion being a worst case estimate) in losses the firm suffered due to the subprime loan fiasco. As co-president Zoe oversaw all the firm’s trading and risk operations, and earned the nickname "Cruise Missile".
They paid her $27 million last year--and $100 million since 200--for her good efforts.
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