Eliot Spitzer Rips Into John Mack For Saying Banks Are In The Business To Be Profitable

Former New York State Attorney General and ex-CNN anchor Eliot Spitzer, who is now the host of “Viewpoint with Eliot Spitzer” on Current TV, ripped into Morgan Stanley’s former CEO and chairman John Mack for his comments in his recent New York Magazine profile. 

From New York Mag:

Mack doesn’t buy that argument, or the other one ignited by a former Goldman vice-president who last month resigned in a Times op-ed, citing disillusionment with an industry that has become overly focused on profit. “I can’t believe the Times even printed that,” Mack snorts. “Last time I checked, we were in business to be profitable. The guy’s been working at the firm for twelve years. I mean, it took you twelve years to figure out what you figured out?”

“You know what John, there’s a difference between making money the right way and cheating your customers.  There’s a difference between leveraging yourself to the hill and then getting bailed out by taxpayers. And by the way, have you returned that $40 million bonus?  I don’t think so, but you should,” Spitzer said.

Watch Spitzer here.

SEE ALSO: John Mack’s Amazing Advice To A Trader Who Was Freaking Out After The Crash Of 1987 >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.