Morgan Stanley’s CEO wants the U.S. to report earnings the British way

Morgan Stanley CEO James Gorman wants American companies to look past quarterly reporting of corporate profits, according to a report from Reuters.

At a Bloomberg conference in New York City, Gorman praised the British convention of six month reporting instead, and even added that corporate America’s need to report every nine weeks is “asinine.”

His suggestion may look good on paper — but then again, it’s easy for Morgan Stanley to criticize the system after reporting quarterly profits up 62 percent from a year earlier.

So, you know, grain of salt.