Purveyor of Truth
President elect Donald J. tRump, prhaps America's biggest con man, is surrounding himself with the very folks he railed against during his populist campaign for the presidency. So much for truth, integrity, and the "American Way".
As many often warned, and many folks ignored, caveat emptor. Now it's too late. Enjoy the ride.
NEW YORK — 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. If Mnuchin drops out, as some rumors suggest he may, 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 turn-around one could imagine. That’s the truly astonishing part.”
Evidence of Wall Street’s improved prospects is everywhere.
The Dodd-Frank financial reform law that bedeviled the industry for years and cost banks untold billions could soon get burned to the ground. Bank stocks are soaring. Trump is going around Manhattan promising to lower rich people’s taxes.
Full story BELOW THE FOLD.