There has been a noticeable dearth of leadership on Wall Street
after the financial crisis. Bloomberg's William D. Cohan writes. Where are the senior execs willing to explain
to the American people how and why the financial industry’s behavior got our
economy into so much trouble. Wall Street’s purported
top rung -- Lloyd Blankfein, the CEO of Goldman Sachs; and
Jamie Dimon, CEO of JPMorgan Chase --
have been too busy either defending their own indefensible actions leading up
to the crisis (Blankfein) or complaining about how new regulations are impeding
profitability (Dimon) to give any thought to fundamentally changing the way
Wall Street does business. So far, they have shown the opposite of leadership:
blatant self-interest...
Fortunately, as Aristotle taught us, nature abhors a vacuum.
And into the leadership breach has quietly stepped the Australian-born James
Gorman, the 53-year-old former McKinsey & Co. consultant and Merrill Lynch
& Co. executive who has been the CEO of Morgan Stanley since 2010 and both
chairman and CEO since the beginning of the year. In his unassuming way, Gorman
has come out swinging….
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