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Morgan Stanely's Mack Says Financial Reform is Still Needed

Source: NY Times

Posted on 23 Mar 2010

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Unlike some of his peers, Morgan Stanley's chairman, John J. Mack, has been vocal in his support of financial regulatory reform, something he still calls for. But he told Fox Business Network on Monday that it's going to be a little harder to pass in the wake of the rancorous health care overhaul debate.

Mr. Mack also said that with financial reform would come an eventual cap on the outsized Wall Street profits of recent memory. “Without question,” he said of proposed limits on leverage. “It will” have an affect on earnings.

With that would also come an eventual come-down from the sometimes stratospheric highs of financial executives’ compensation. But regarding his rival, Goldman Sachs chief Lloyd C. Blankfein, Mr. Mack said that shareholders have already voted — via Goldman’s stock price.

“Look at the performance of the stock and how shareholders should feel and what they’ve delivered,” he said. “If you base it on that, I think clearly he was fairly compensated and he deserved to be paid.”

The full transcript is available at: