Tom Michaud
speaker
480 appearances
1 recordings
1 series
first heard Jun 2026
last heard 3 Jun
Tom Michaud’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
So I think that's the public policy angle to it is more innovation, level playing field, let the banks compete, but supervise them, I think is a good place.
From a competitive standpoint,
There's going to be a lot more competition.
And the final rules of the Clarity Act have not been written.
The Genius Act set them up as payment stable coins.
The Clarity Act, if it goes the wrong way, could make them a savings mechanism, which makes them look like a deposit.
I think that's dangerous because the United States has the leading banking system in the world.
It's several hundred years old in its development.
And if you start degrading deposits, it will hurt the multiplier effect in the economy and I think will affect the availability of credit for Main Street America.
I think you want to keep deposits special and not let stable coins act like deposits and pay interest and rewards to mimic deposits.
And I think if that happens and it starts to disintermediate the banks, the first banks that are going to feel the pressure are probably the smallest banks.
who can't afford to compete in stablecoin.
It's funny.
You just brought up really, I think, a mainstay of our strategy, which is while I happen to run an investment banking effort,
What I really do is I believe I'm in charge of an ecosystem and my goal is to be at the top of the advice and the information pyramids, which means we want to be there for the long haul.
You mentioned I'm celebrating my 40th anniversary with the firm this year.
but you have to give good advice and you have to be there for the long term and you can't think just in terms of transactions my my view is as long as you're there giving good advice the clients recognize that and you could work with a client for years and do nothing but what what i'm most grateful is that when a client makes maybe one of the biggest decisions of their career that they hire my firm to be their advisor
and that and they don't hire it necessarily just because of that deal it's because of the trust that's been developed over decades and and that is that that's just the business we're in and look when you announce a deal typically the fees are very high and i know a lot of folks will say well what's the per hour charge on that fee on that deal but that's not where the work was done the work was done for years and years when nothing happened which was very labor intensive
And that's how that business works, and it's just the way that the M&A business is designed.
And I'll tell you, in that business, as it's changing with AI and the access to data, it is evolving, but at the end of the day,
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