Morgan Stanley CFO Ruth Porat said Saturday that the wealthy should be expected to pay more taxes given the fiscal and economic issues facing both the United States and the world. She made her remarks at a conference hosted by The Economist magazine in New York.
“The wealthiest can afford to pay more in taxes. That’s a part of the deal. That makes sense. I don’t know anyone that doesn’t agree with that,” said Porat, as reported by the Huffington Post. “The wealth disparity between the lowest and the highest continues to expand, and that’s inappropriate.”
Porat became chief financial officer of Morgan Stanley (MS), which includes about 17,300 financial advisors, in early 2010. Previously, she was the global head of the firm’s financial institutions group.
“We cannot cut our way to greatness,” she also said at the conference.
What Your Peers Are Reading
In her presentation, Porat explained that the global markets are greatly stressed, and that banks are more focused on paying down debt than on lending, according to the report in the Huffington Post.