Morgan Stanley CEO - bad judgement shouldn't lead bankers to jail

James Gorman Pic

Morgan Stanley chief executive James Gorman said on Tuesday that he does not believe more bankers should have gone to jail for the financial crisis.

'Bad judgment, incompetence, negligence, greed: these might be socially unacceptable, lead to a lot of personal embarrassment and potential financial ruin, but they're not criminal offenses', Gorman said in a Q&A with the financier and former journalist Steve Rattner at the New York Ideas event.

Reuters reports that Gorman went on to say that in the few cases where people were proven to have broken the law, such as Bernard Madoff's Ponzi scheme, culprits were jailed.

'Simply taking people to jail for messing up in their jobs, you'd be locking a lot of people up in corporations and outside', he said.

To access the complete Reuters article hit the link below:

Morgan Stanley CEO says bankers' bad judgement was not a crime

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