A wave of beach house closings are no doubt getting called off as Morgan Stanley (MS) will issue...

|About: Morgan Stanley (MS)|By:, SA News Editor

A wave of beach house closings are no doubt getting called off as Morgan Stanley (MSwill issue IOUs instead of bonus cash to high-salaried employees this winter. The IOUs will be paid off over the course of the next two years, with any workers leaving their jobs at risk of never seeing the money. The move is inline with CEO Gorman's (and Dan Loeb's) desire not to encourage risky behavior to juice short-term gains.