Taking note of the backlash against Northern Trust's (NASDAQ: NTRS) golf tournament revelry on the taxpayer dime, Morgan Stanley (NYSE: MS) has canceled all the festivities planned for its 2009 Memorial Tournament presented by Morgan Stanley.Morgan Stanley will still be the title sponsor for the June event but won't be booking lavish shows and providing expensive meals to VIPs.
Morgan Stanley hasn't provided much in the way of comment on the decision but then again, none is necessary. There's just no reason to waste taxpayer money and generate so much ill will to provide entertainment for people who worked at a company that lost billions of dollars.
In a related item, Democratic Senator John Kerry introduced a bill that would require chief executives to reimburse the United States government for the cost of lavish events hosted and require them to pay a $100,000 fine.
That's the only way to clamp down on this mess, and hopefully Congress will act quickly to make it the law.
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Reader Comments (Page 1 of 1)
2-26-2009 @ 9:46AM
mobugobu said...
You mean the VIPs - who have milked off millions of dollars from their companies won't get a free lunch from Morgan Stanley?! All the white tents and the free champagne will vanish? Golf tournaments will never be the same again!
2-27-2009 @ 3:43PM
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