Morgan Stanley CEO: Odds of Another Financial Crash 'Close to Zero'

Mitsubishi UFJ Financial Group And Morgan Stanley CEOs Hold News Conference
Tomohiro Ohsumi/Bloomberg via Getty ImagesMorgan Stanley CEO James Gorman.
With the five-year anniversary of the financial meltdown just around the corner, many still worry it could happen all over again. But James Gorman isn't one of them.

Gorman, chief executive at Morgan Stanley (MS), told "The Charlie Rose Show" (via Bloomberg) that he believes the likelihood of another panic of the kind that nearly drove the U.S. economy to the brink is very low. "The probability of it happening again in our lifetime is as close to zero as I could imagine," Gorman said.

Financial-services companies today are very different animals, he said. "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."

For more on Gorman's comments about the U.S. financial crisis and the state of banks today, read more of the Bloomberg article.


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createidea

Well, that's all I needed to hear.

If Gorman says so then it's good enough for me.

Hee Hee Hee Hee Hee ........

September 07 2013 at 11:26 AM Report abuse +2 rate up rate down Reply
danipack7

Thats the same line of crap they said before the last one.

September 06 2013 at 11:02 PM Report abuse +4 rate up rate down Reply
schulkeps

when a man in charge says something will never happen again...it means the hubris has risen to the top again and bad results are surely going to repeat themselves...

September 06 2013 at 10:03 PM Report abuse +5 rate up rate down Reply
1 reply to schulkeps's comment
operchatsc

I was just about to post the same thing, When they start pumping, you better start dumping.

September 06 2013 at 10:07 PM Report abuse +5 rate up rate down Reply
GEE

Ok. I believe him.

September 06 2013 at 9:20 PM Report abuse +2 rate up rate down Reply
Christina

Wow. This guy is ridiculous. The unfortunate people who are investing now won't find out they've been hoodwinked until 20-30 years from now. And all these crooks in the business now will be retired and living large somewhere. So disgusting.

September 06 2013 at 9:11 PM Report abuse +3 rate up rate down Reply
a.avril1

Lately l wish l wouldn't never had to deal with banks at all .

September 06 2013 at 9:11 PM Report abuse +1 rate up rate down Reply
a.avril1

I hope in some were in the world will be justice for this dishonest banks .as a minimum wage employed I'm a victim of fraud by Citibank South Dakota Na and lusting,glaser Wilson p.c. Kenneth c. Wilson. I recommend to Google this parties and read their dishonest practice .
They are killing the American dream and this corporations are damage only the hard working american

September 06 2013 at 9:06 PM Report abuse -1 rate up rate down Reply
rstedfield

How could he know that? More bologna from Wall Street!

September 06 2013 at 8:43 PM Report abuse +4 rate up rate down Reply
domegrp

Famous last words on economy. Why doesn't everybody just be honest and say "I don't know". It's complicated.

September 06 2013 at 8:36 PM Report abuse +3 rate up rate down Reply
Tom

He's wrong; almost embarrassingly so.

September 06 2013 at 8:27 PM Report abuse +4 rate up rate down Reply