Wall Street should have TGIF like Google

Ruth Porat, the former veteran Morgan Stanley executive who’s now chief financial officer of Alphabet, suggested Monday that the financial crisis could have been prevented — or at least made less severe — if Wall Street had operated with the same transparency as Google’s parent company.

“The financial crisis would have been different if someone had asked” whether taking on massive amounts of financial leverage was a good idea for the big banks, Porat told a luncheon gathering of the Economic Club of New York.

“Culture is more important than rules and regulations” in its contribution to the long-term success of a company, said Porat, who worked at Morgan Stanley for 28 years before joining Google in 2015.

“The most important thing is culture,” she said.

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