Wall Street, as you know, Mike Mayo is watching your every move.
And today on CNBC, he gave you his honest opinion of what you need to do now that election is over and leadership and Washington has been decided.
“I’d say no more excuses, let’s get on with it. It’s been two years since Dodd-Frank was passed,” Mayo said. “If you’re the regulators, get these laws written, if you’re the banks, at some point you have to play the ball where it lies. You need to get back to the business of banking.”
He said that we’re in a situation like Japan. In fact, what’s worse than Japan is the regulatory uncertainty — so it’s time to just implement the laws we’ve already passed.
And in case you’re wondering… no, there’s no additional political risk after this latest election (even though the fearsome Elizabeth Warren is now in the Senate), “the die has been cast,” said Mayo.
The risks that do exist are still the big macro concerns, but the banks are changing internally (think: UBS) which Mayo thinks is great. That’s why he recommended Morgan Stanley and Citigroup for the first time in four years.
“UBS… shows the potential for banks like Morgan Stanley and Citigroup to better optimise what they’re going to do. Oh and guess what, if banks don’t do it I expect investors… to speak up more often.”
And Mike, congrats on getting named on Worth Magazine’s Most Powerful People In Finance list.
See, we’re paying attention too.
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