At an appearance in North Carolina, John Mack added that he still doesn't "think the industry gets it," according to Bloomberg News. And that ridiculous pay would continue as banks are scared of losing staff.

Mack was speaking at a Q&A session at Queens University in Charlotte. He cited an example: "a 28-year-old Morgan Stanley trader... had earned $300 million to $400 million for the firm. After Morgan Stanley offered $11 million in compensation, the trader jumped to a hedge fund that paid him $25 million."

Well, he probably deserved it.