Morgan Stanley re-elects board slate

[antigop]

http://www.thestreet.com/s/morgan-stanley-reelects-board-slate/newsanalysis/banking/10411169.html

Morgan Stanley(MS - Cramer's Take - Stockpickr) shareholders reelected Chairman and CEO John Mack and the company's entire board slate, overcoming opposition mounted by three pension funds.

All members won their seats by a substantial margin. CtW Investment Group, the organization coordinating the pension funds' efforts at Morgan Stanley and other firms like Citigroup(C - Cramer's Take - Stockpickr) and Merrill Lynch(MER - Cramer's Take - Stockpickr), had been very vocal about its criticism of the board, suggesting shareholders vote against directors for "failing to exercise independent risk management oversight and for failing to ensure that appropriate and robust risk management controls were present" at the firm.

[Celebration]

1. sad. very sad

The idea of stockholders having a say in the board and various proposed measures sure sounds appealing in theory. It is democracy and all. But there is some sort of breakdown. Shareholders have other things to do and are not engaged. The whole thing is a mess. So, we keep getting interlocking directorships, etc. Hey they don't call them that anymore because that was a derogatory term from the 20s. Well, you read it on Wikipedia, read it in the history books, but they don't say the words on CNBC.

http://en.wikipedia.org/wiki/Interlocking_directorate