The Phaserl


Wall Street Completely Owns the Trump Administration

by Michael Krieger, Liberty Blitzkrieg:

While America’s corporate press remains singularly obsessed with unproven and likely fabricated Russia-collusion conspiracy theories, Wall Street’s well on its way to getting away with financial murder thanks to an army of cronies embedded within the Trump administration. Indeed, Goldman Sachs running Donald Trump’s economic policy is perhaps the most concerning aspect of his Presidency when it comes to negative impacts on average citizens, yet it’s almost never placed at the forefront of the corporate press narrative.

Many of you probably recall headlines in recent weeks about how Trump might be in favor of “bringing back Glass-Steagall” as well as breaking up the big banks. These are two things I think are extraordinarily necessary and important, but it turns out Trump has no intention of actually doing any such thing.

As the title of Bloomberg’s recent article on the topic so perfectly sums up…

Here are a few excerpts from the extremely disturbing, yet entirely unsurprising piece:

On the first day of May, Donald Trump sat in the Oval Office and declared that his administration was taking a look at breaking up Wall Street’s biggest banks. If they ever took him seriously, it didn’t last.

Instead of cowering, Wall Street executives and lobbyists are crowing, getting more confident about ditching rules that have annoyed them for years. That’s because the Trump administration is appointing friendly regulators and signaling it will make life easier for bankers.

“Break up the banks? That ain’t going to happen,” said Rick Hohlt, who has advised and lobbied for lenders including Citigroup Inc. for three decades. “You need legislation to do that. And the chance of that is about zero.”

Two weeks after Trump’s threat, Wall Street’s hopes are high. The biggest U.S. banks want him to relax capital requirements that limit their leverage, lighten up on stress tests designed to help them survive another crisis and weaken the Volcker Rule that stops them from placing speculative bets — something the administration is already taking steps to do.

The above is sort of obvious and easily understandable. What follows is essentially Orwellian.

Their confidence doesn’t stop there. Some executives think that if the White House really does push for a sequel to Glass-Steagall — the 1933 law that separated commercial and investment banking and was partly repealed 66 years later — the new version would just scrap rules for smaller banks without breaking up large ones.


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