John Mack says he loves post-crisis fed regulation.
Morgan Stanley’s CEO spoke at the “Covering the Crisis” conference about what it is like to have 15-20 federal regulators in their headquarters patroling their activity 24/7.
Mack: “Someone said today, ‘What do you think of it?’ — I love it.”
Hearing anything good said about federal rules and regulations is unusual, especially from the mouth of a bank that only dealt with them beginning last year, but why wouldn’t banks love regulation?
The same regulations keep their competition in check.
Says Mack: “I love it because it forces the firm to invest in risk management, in modelling, and questioning everything you do.”
The conference was hosted by Vanity Fair and Bloomberg last night in New York City.