Morgan Stanley's chief executive officer John Mack has welcomed the tighter regulatory regime his organization is now subject to.

Speaking in New York, Mack said there were between 15 to 20 Federal Reserve officials on the Morgan Stanley premises every day.

The Federal Reserve became Morgan Stanley's primary regulator in September 2008 after the organization became a bank holding company.

Mack told the Bloomberg and Vanity Fair event: "They question everything we do. I've never been regulated like that before.

"Someone said to me, 'What do you think of it?' I love it."

He added that the regulators should have been tougher with financial institutions before bailouts became necessary.

Morgan Stanley has been dramatically affected by the effects of the global financial crisis.

In the first nine months of 2008, income from its operations stood at $7.7 billion.

But for the same period this year, that figure has fallen to $757 million.

By Gary Cooper

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