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Morgan Stanley’s Porat Stays Mum on Her Money

Ruth Porat

Is the revolving door between Wall Street and Washington closing? That’s one big question after Morgan Stanley Chief Financial Officer Ruth Porat withdrew her name as a possible nominee for deputy Treasury secretary.

According to DealBook, Porat decided she would stay put at Morgan Stanley in part because she didn’t want to face questions in Washington over her wealth. Her exact net worth isn’t known – she hadn’t submitted tax returns – but she collected $8.75 million in compensation from the firm in 2011, according to Bloomberg. Sources told DealBook that Porat, 55, didn’t want to become a target in the ongoing controversy over banker pay. And, besides, things are kind of improving over at Morgan Stanley.

Porat’s withdrawal is probably a good thing. Given the rarified view Wall Street bankers have of what it means to live frugally, having fewer of them influencing economic policy may lead to policies that benefit the many instead of the few. Too many bankers are woefully out of touch with average American lives.

As for the brain trust held by Wall Street, let’s remember that having a former Goldman Sachs chief executive as Treasury Secretary during the critical days of the financial crisis didn’t help matters much. Hank Paulson’s decision in the fall of 2008 to let Lehman Brothers go bankrupt is cited by many as a mistake that helped deepen the subsequent recession.

Did we really need more Wall Streeters in Washington anyway?

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List of the Day: Successful Traits

If you want to drive your career forward, mirror these traits of many of today’s most successful people.

  1. They think ‘probabilistically.’
  2. They never look back.
  3. They treat time as a treasure.

(Source: AOL Jobs)

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