Morgan Stanley Chairman: Financial System Is 'Dramatically Better'

The U.S. financial system is "dramatically better" than it was at the height of the crisis, John Mack, chairman of Morgan Stanley , told CNBC Monday.

Mack thinks a lot of the bank assets that were toxic have been taken off those institutions' balance sheets or marked down drastically. Current financial problems, according to Mack, are more of a global issue.

"It's the worry about what happened in Greece, the comments that came out of Hungary," he said.

Asked what he would do if he were heading rival Goldman Sachs, Mack said the same two things the financial giant is already doing:

  1. Open up information and dialogue with the government, both with Carl Levine's Senate Committee, the Securities and Exchange Commission (SEC), the Federal Reserveand the Department of Treasury.
  2. With a lot of questions being asked, the problem is "this is like everyone jump on Goldman...It's hard for anyone to defend in all directions."

But, Mack added, "I think all of us need to give Goldman Sachs the time to answer the questions, and I believe they will answer the questions."

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