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Bankers Celebrate the Dawn of the Trump Era
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2016 Nov 18, 8:39am 1,887 views 4 comments
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MisdemeanorRebel
2016 Nov 18, 1:23pm
MisdemeanorRebel
2016 Nov 18, 1:23pm
Dodd-Frank bedeviled the industry, LOL. Frank and Dodd worked very closely with Wall Street to make sure it was just a little extra red tape and changed nothing.
What would bedevil the industry is a big wall between investment and commercial banking, ie Glass-Steagal Returns.
Christmas has arrived early for Wall Street in the early days of the Donald Trump era.
A populist candidate who railed against shady financial interests on the campaign trail is now putting together an administration that looks like an investment banker’s dream.
Former Goldman Sachs banker Steven Mnuchin has been seen at Trump Tower amid rumors that he’s the leading candidate for Treasury secretary. Billionaire investor Wilbur Ross appears headed to the Commerce Department. Steve Bannon, another Goldman alum, will work steps from the Oval Office. JPMorgan Chase CEO Jamie Dimon remains a possibility as Treasury secretary and will serve as an outside adviser if he doesn't get the job.
It’s a restoration of Wall Street power — and a potential flip in the way the industry is regulated — perhaps unparalleled in American history.
“You would have to go back to the 1920s to see so much Wall Street influence coming to Washington,†said Charles Geisst, a Wall Street historian at Manhattan College. “It’s the most dramatic turnaround one could imagine. That’s the truly astonishing part.â€
http://www.politico.com/story/2016/11/donald-trump-wall-street-bankers-231524