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    Morgan Stanley Will Limit Cash Bonuses To $125,000

    The employees of Morgan Stanley, owner of the world's biggest brokerage, will receive a maximum cash bonus of $125,000, this year. As The New York Times puts it, the cap reflects "the difficulties that new financial regulations and the debt turmoil in Europe have posed to Morgan Stanley and its rival firms."

    And with tongue firmly in cheek, it also notes that the bankers "may want to put their kitchen renovations off until next year."

    Now, the cap only affects the cash bonus. The Financial Times reports the total amount will likely be "significantly lower" and it means that employees will see a higher percentage of their annual bonuses go toward deferred cash and stocks.

    The Wall Street Journal, which first reported the story, said the brass will take a bigger hit. Members of Morgan Stanley's operating committee — including CEO James Gorman — will not get any immediate cash.

    Trying to put the cap in context, the Times says that most bankers receive most of their compensation through bonuses, so $125,000 is a "pittance" for those accustomed to a seven-figure check. The Times reports:

    "Among the things $125,000 won't buy: a Ferrari 458 Spider (which retails for $257,000), a high-end Patek Philippe watch (which can be had for $216,7200) or a year's worth of maintenance fees and taxes on a penthouse apartment at 15 Central Park West.

    "Of course, to those in industries unaccustomed to large year-end bonuses, even the paltriest Wall Street bonus would rank as a princely sum."

    Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

    NPR

    'Kingdom' Examines Afghanistan Through The Prism Of The Karzai Family

    Journalist Joshua Partlow was in Afghanistan from 2009 to 2012, a time of corruption, government dysfunction and civilian hostility to U.S. military operations. His new book is A Kingdom of Their Own.
    NPR

    Long Absent In China, Tipping Makes A Comeback At A Few Trendy Restaurants

    Viewed for decades as capitalist exploitation, tipping is now encouraged at some upscale urban restaurants catering to wealthy young customers. Restaurateurs insist it's strictly voluntary.
    NPR

    Do Fact Checks Matter?

    Voters' minds are stubborn, and politicians habitually spout falsehoods. That doesn't mean fact-checking is a failure, though.
    NPR

    WATCH: Elon Musk Unveils His Plan For Colonizing Mars

    In a speech at the International Astronautical Congress in Guadalajara, Mexico, the billionaire tech entrepreneur is detailing his vision for sending humans to the Red Planet.

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