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.