Daniel Loeb Gives Wall Street Pay The Onceover

According to the WSJ the activist investor whose firm last week disclosed that it bought a stake in Morgan Stanley MS -0.50% has started prodding the securities firm about how much it pays top execs.

Daniel Loeb, who runs hedge-fund firm Third Point LLC, has raised questions about whether compensation levels at Morgan Stanley are justified given the New York company's size and relative simplicity compared with larger banks, said a person familiar with his thinking.

Mr. Loeb hasn't singled out any executive he thinks is overpaid. But the questions indicate a tougher stance by Third Point than it let on in Wednesday's announcement of the purchase of an unspecified number shares of Morgan Stanley, which it said "is in the early innings of a turnaround…."

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