The balance of power between Wall Street and Silicon Valley shifted another degree westward.
Ruth Porat, chief financial officer of Morgan Stanley, is leaving to take the same job at Google Inc., a symbolically significant move by a high-profile Wall Street executive — and one of the financial industry’s most prominent women.
“All the jobs created in banking since the financial crisis have basically been in compliance and investment banking,” Lonski said. “It’s a different business now.”
Opinion polls, meanwhile, show overwhelming support for even tighter reins on Wall Street. A survey last year for the reform group Better Markets Inc. found that 62% of the public agreed that the “stock market is rigged” against them, and 60% across both parties favored stricter regulations.
Read the full LA Times article by Dean Starkman here.