Much has been made about Morgan Stanley CEO Phillip Purcell's 45 percent jump in salary for 2004, despite the firm's lagging stock price. But a look at what major securities firms pay their CEOs shows Purcell is closer to the bottom of the pay scale than to the top.
| Merrill Lynch | Stanley O'Neal | $32 million |
| Goldman Sachs | Henry Paulson | $29.8 million |
| Lehman Brothers | Richard Fuld | $26.3 million |
| Bear Stearns | James Cayne | $24.7 million |
| Morgan Stanley | Philip Purcell | $22 million |
| A.G. Edwards | Robert Bagby | $1.7 million |
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