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Bankers Celebrate the Dawn of the Trump Era


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2016 Nov 18, 8:39am   1,977 views  4 comments

by finehoe   ➕follow (0)   💰tip   ignore  

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.”

http://www.politico.com/story/2016/11/donald-trump-wall-street-bankers-231524

Comments 1 - 4 of 4        Search these comments

1   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.

3   Ceffer   2016 Nov 18, 1:33pm  

It's the new dawn of the swamp creatures!

4   Peter P   2016 Nov 18, 1:34pm  

Ceffer says

It's the new dawn of the swamp creatures!

Only if you see them with red-blue glasses.

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