John Mack, chief executive officer of top-ranked mergers adviser Morgan Stanley, said he welcomes the increased regulation by the Federal Reserve that came after the firm converted into a bank holding company as the financial crisis wiped out 87 percent of its market value.

"We have probably 15 to 20 Fed regulators in our building 24 hours a day," Mack said yesterday at the "Covering the Crisis" panel discussion hosted by Bloomberg News and Vanity Fair in New York. "They test our models. They question everything we do. I've never been regulated like that before. It's a different environment. Someone said to me, 'What do you think of it?' I love it."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.