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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

    Aviator Beryl Markham Soars Again In 'Paris Wife' Author's New Book

    "It is my fate to illuminate the lives of these one-of-a-kind notable women that have been somehow forgotten by history," says Paula McClain. She shines her spotlight on Markham in Circling the Sun.
    NPR

    At The Purple Pie Place, Where The Crusts Are Just Sweet Enough

    Bobkat's Purple Pie Place is a fixture in Custer, S.D. From chicken pot pie to strawberry rhubarb, Trevor Yehlie and his family have been baking and serving pies at the local favorite since 2009.
    NPR

    SuperPACs Report Their Funds — And The Numbers Are Staggering

    SuperPACs released their latest funding numbers Friday, and already it's clear that the committees' roles in 2016 will be gargantuan.
    NPR

    Despite Host Controversy, Amazon Takes A Chance On 'Top Gear'

    The trio that made Top Gear the world's biggest car show will return to the small screen in a new show for Amazon Prime. The BBC canned one of its hosts last year after a fight with a producer.

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