Morgan Stanley chief executive John Mack is set to receive around $1.6 million in salary and other compensation for the last fiscal year despite profits in the company being nearly halved. The executive announced that he would waive his annual bonus but still agreed to receive the raise in pay despite shares dropping a shocking 57 percent. Mack received $800,000 in salary and $399,153 in other compensation as well as more in stock awards. Shockingly, he also managed to rack up $355,000 in personal use of his corporate jet alone! The move comes in contrast to that of other Wall Street bosses like Bear Stearns bosses that forewent all bonuses after tha bank posted a $1.9 billion writedown and the resignation of Stan O'Neal at Merrill Lynch.