On September 30, 2009
Why John Mack’s Suggestion Of Single Global Bank Regulator Would Be A Disaster
Soon-to-depart Morgan Stanley chief executive John Mack yesterday proposed “an uber-regulator” for the global banking system. Mack said that he thinks a single global regulator would better handle the potential for another round of systematic risk, and that such an institution would also make sure that the U.S. was competing on a similar playing field with other global banks. John Mack is somewhat of a legendary figure on Wall Street, having handled Morgan Stanley, one of the world’s biggest investment banks, in both the glory times of the 1990’s, and in its darkest hours last year. Given that Mack essentially set up a sort of joint venture with Japanese megabank Mitsubishi UFJ when the going got tough a year ago,…
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