John Mack: Stop ‘beating up’ on Blankfein and Dimon

John Mack Interview Pic

John Mack, the former CEO of Morgan Stanley said Tuesday that everyone should stop picking on nice fellas like J.P. Morgan Chase CEO Jamie Dimon and Goldman Sachs CEO Lloyd Blankfein.

'I would love to see (people) stop beating up on Lloyd and Jamie', Mack said in an interview with Bloomberg TV. 'I think that would make a lot of sense and I’m in favor of that'.

MarketWatch reports that, during the interview, Mack wavered between levels of sympathy and disregard for Main Street’s frustration over bankers’ big paydays.

He said some of the payments could be justified because 'Wall Street was knocking the cover off the ball' before the financial crisis, apparently forgetting that much of the pre-crisis gains were an overleveraged illusion, and that his own bank wobbled so dangerously in 2008 that it was forced to take a capital injection from a Japanese rival.

Hit the link below to access the complete MarketWatch article:

Morgan Stanley’s ex-CEO: Stop ‘beating up’ on Blankfein and Dimon

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