Former Morgan Stanley CEO John Mack spoke with FOX Business Network’s (FBN) Neil Cavuto about the 2016 presidential election saying, “I’ll be supporting Secretary [Hillary] Clinton.” When asked about her going after the banks, Mack said, “Listen, to me, it’s all politics. They’re just trying to get elected, get a nomination.” Mack also spoke about being in the banking industry, saying, “I was never ashamed to be in the business.” Mack also commented on taxing the wealthy saying, if we can get accountability on what we use our tax dollars for “I’d pay more taxes gladly.”
Morgan Stanley CEO John Mack on being ashamed to be in the bank industry:
“Well, you got to get out of the business. Tell your friend to get out. I was never ashamed to be in the business. Did they make mistakes? Absolutely, we made mistakes. But I was never ashamed that what I was doing was wrong or illegal. We were trying to do the best thing. And if you think about — let’s just go back and look at the technology sector and see how it’s growing. And go back 25, 30 years ago when Netscape did one of the first deals. Look at what we helped finance to get that industry up and running. So I don’t think the bankers at large have anything to be ashamed of. Do we make mistakes and do things we shouldn’t have done? Without question.”
Morgan Stanley CEO John Mack on supporting Hillary Clinton in 2007:
“I did.”
Morgan Stanley CEO John Mack on Hillary Clinton going after the banks:
“Listen, to me, it’s all politics. They’re just trying to get elected, get a nomination. I think if you go back and look at New York State, when she was the senator in New York State, I think you would say she was probably one of the best senators we’ve had… if you’re running, you’ve got to win. As long as you read the tea leaves the right way, sometimes you have to go a little bit off center to get it done.”
Morgan Stanley CEO John Mack on whether Hillary Clinton becomes President she would be an anti-Wall Street president:
“Listen, I think Hillary Clinton is a very smart individual. And we’ve spent time with her, mainly on healthcare, where my wife Christy has talked to her great deal. But I go back, and early on I didn’t follow the Clintons. And when she was senator of New York, she was the most impressive senator I’ve worked with in a very long period of time.”
Morgan Stanley CEO John Mack on who he is supporting for the 2016 presidential election:
“Well, look, I’m a flexible person. It’s not my party. I voted for President Obama in the first election, not in the second. I supported Mitt Romney. I’ll be supporting Secretary Clinton.”
Morgan Stanley CEO John Mack on whether he still stands by Hillary Clinton despite all the problems:
“Everybody has problems.”
Morgan Stanley CEO John Mack on whether he thinks Hillary Clinton would be better than President Obama on dealing with geopolitical issues:
“Well, again, I don’t know the president. I only know her. Even though I’ve met President Obama… I think she’d be much more engaged than he is.”
Morgan Stanley CEO John Mack on taxing the wealthy:
“Let me just deal with taxation and wealth. I have been very lucky and I’m prepared to pay whatever the tax is. It doesn’t bother me. What bothers me is the way we spend the dollars. And we are not spending them, I think, in holding people accountable when they are entrusted with those tax receipts to spend it properly.”
Morgan Stanley CEO John Mack on whether he’d fight a tax hike if there was no accountability in spending:
“Then I’m going to be pushing back on taxes going up. But if we can, I’d pay more taxes gladly.”
Morgan Stanley CEO John Mack on the private markets:
“Well, to me a number of things need to change. If you go back three or four years ago, I thought the housing market, especially apartment buildings, were very attractive. Today, most of my focus is on biotech and financial technology. Everything from insurance companies over the internet to health care to biotech. I think technology is really just beginning to take off.”
Morgan Stanley CEO John Mack on whether he is surprised that bankers are still targets:
“I’m not surprised at all. And one of the hearings that I went down to Washington — there were four or five of us. I think it was Jamie Dimon, And Lloyd Blankfein and Brian from Bank of America was there and I was there. And when it was over, we were talking and Lloyd made the comment to me, he said, what do you think, John? Another three or four years of this and it calms down? And I said, Lloyd, it took the end of the Korean War before bankers were respected again going back to the Depression. So the depression happened in the ‘30s. You had the Korean War in the ‘50s. And it really wasn’t until the ‘60s I think that focus on the banks somewhat eased. It is eased greatly. Yes, so my point is it doesn’t surprise me and it’s not over and it’s going to continue for a long time.”
