“Donald Trump assailed Wall Street on the campaign trail, and frequently criticized his political opponents for their ties to Goldman Sachs Group Inc. Now, Trump is relying on a lawyer who has spent his career representing financial firms, and has his own close ties to Goldman, to lead Wall Street’s top regulator.
Trump will nominate Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, the president-elect’s transition team said in a statement Wednesday. Clayton’s clients represent a virtual who’s who list of industry titans, including hedge funds, private equity firms and Goldman, where his wife has worked for almost two decades. …”
Clearly, this is another FU pick like Energy, Education, Labor and EPA:
“As chairman of the SEC, Clayton would help police many of the same large banks he has spent decades representing, including Goldman Sachs and Barclays. He also would play a key role in Trump’s efforts to dismantle parts of 2010’s financial reform legislation, known as the Dodd-Frank Act. Clayton brings “decades of experience helping companies navigate complex federal regulations” and would “play an important role in unleashing the job-creating power of our economy,” according to a statement issued by Trump’s transition office announcing Clayton’s nomination …
Clayton worked with Goldman Sachs during the financial crisis, including when billionaire investor Warren E. Buffett pumped $5 billion into the bank.
“Trump supporters did not vote to let the fox guard the henhouse on Wall Street,” Adam Green, co-founder for the Progressive Change Campaign Committee, said in a statement. Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, said, “This nomination of a Wall Street insider to regulate Wall Street proves that Donald Trump has no intention of getting tough on Wall Street.”
Trump isn’t going to regulate Wall Street.
I always wondered why the “international banks” mentioned in Trump’s West Palm Beach speech didn’t make the cut for the “Closing Argument.” That was probably his best speech of the campaign. Now his anti-Wall Street rhetoric he leaned so heavily on is going to come back to bite him in the ass and it is his own fault.