Financial Regulation

45 Trillion Reasons Why Gary Cohn Has Recused Himself From All Goldman Matters

“consistent with the stringent ethics rules established by the Trump Administration, Mr Cohn will recuse himself from participating in any matter directly involving his former employer, Goldman Sachs. He will also recuse himself from any matter or potential rulemaking before the CFTC in which Goldman Sachs has participated.”

The Four Key Themes From Q4 Conference Calls

Since President Trump’s surprise victory over Hillary Clinton in November, investors and management teams have been acutely focused on the new administration’s policy proposals. As expected, all 4 key themes discussed on Q4 conference calls are closely linked to Trump's policies and include tax reform, regulation, fiscal spending and trade policy.

Frontrunning: February 16

  • Futures dip as Wall Street navigates unchartered territory (Reuters)
  • Trump's Russia crisis deepens (Reuters)
  • Government Landlord Pays Millions Each Year to Trump Company (WSJ)
  • Protests call for U.S. immigrants to stay home from work, school (Reuters)
  • Trump Hates Trade Deficits, But Which Ones Really Matter? (BBG)
  • French Election Puts ‘Frexit’ on the Agenda (WSJ)

Global Stocks Rise, S&P Futures Make New Record Highs As "Trump Trade" Euphoria Returns

European and Asian stocks, S&P futures, bond yields, the dollar and commodity metals are rose, in some cases making new all time highs, lifted by the latest reemergence of the "Trump trades" as hopeful investors once again bet that the U.S. president's tax reform plans will boost economic growth and corporate profits, despite another warning from Goldman that the president's fiscal plan is about to be derailed.

Trump Concerned There Are Too Many "Goldman Guys" On His Team

According to Bloomberg, Goldman banker Jim Donovan is under consideration for the No. 2 job at the Treasury Department, but he’s got one big thing working against him: Too many “Goldman guys” already have high-up positions in the Trump administration.

S&P Futures, European Stocks Bounce As Dollar Rises Most In Two Weeks; Gold, Yen Slide

The dollar rebounded from a key support level, strengthening against all major peers, pushing S&P futures higher as European shares rose, led by basic resources and real estate, while Asian stocks fall. Gold fell from its highest level since November as demand for some haven assets ebbed while global bonds declined. Oil dipped, pressured by a stronger dollar.

Don't Blame Trump When The World Ends

"The point is a century of scientific mismanagement of the currency has pushed the economic, financial, and social order well past any rational limit. Total government debt and stock valuations are at all-time extremes. Something big is coming. You can guarantee it. But don’t blame Trump when the world ends. There ain’t a doggone thing he or anyone else can do to stop it."

One Hour After Taking Office, Trump Suspends FHA Mortgage Fee Cut

In a move that has sparked controversy among some economists, within an hour of being sworn in, Trump undid one of Barack Obama’s last-minute actions, a mortgage-fee cut under a government program catering to first-time home buyers and low-income borrowers.

Live Stream: Steven Mnuchin Testifies As Democrats Go On The Offensive

In what is sure to be one of the fieriest confirmation hearings to date, Steven Mnuchin, Trump's pick for Treasury Secretary, is set to take questions from the Senate Finance Committee this morning as Democrats will undoubtedly being looking to score theatrical points with the working class folks of the Midwest by peppering the "Foreclosure King" with zingers on his time at Goldman Sachs and OneWest.

Donald Trump Has An Enormous And Very Dangerous Wall Street Blind Spot

A very large percentage of the American public (including myself), remain irate at the complete lack of any justice served with regard to finance criminals in the aftermath of the economic collapse of 2008/09. When it comes to greedy, unethical behavior in the wake of that tragic period, Steve Mnuchin is in a class of his own. To appoint such a toxic financial oligarch to Treasury Secretary is a serious slap in the face to all American citizens.