James Gorman is the aggressively Australian chief executive officer of the combined Morgan Stanley Smith Barney colossus. He has done quite a bit to bolster the firm’s standing in the post-Lehman era and has largely been seen as successful in the role.
And with his quote this morning, he’s virtually guaranteed us a bank-driven disaster sometime in the near-future…
From Bloomberg News:
“The probability of it happening again in our lifetime is as close to zero as I could imagine,” Gorman said in an interview on the “Charlie Rose” show, citing steps by banks and regulators. “The way these firms are managed, the amount of capital that they have, the amount of liquidity that they have, the changes in their business mix — it’s dramatic.”