Krieger: Wall Street Completely Owns The Trump Administration

Tyler Durden's picture

Authored by Mike Krieger via Liberty Blitzkrieg blog,

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.

Huh?

Trump, Treasury Secretary Steven Mnuchin and economic adviser Gary Cohn have all endorsed a “21st century” version of Glass-Steagall without explaining what they mean. In the interview this month, Trump told Bloomberg News that bank breakups were under consideration. “I’m looking at that right now as we speak,” he said.

 

Tim Pawlenty, who runs the Financial Services Roundtable, a Wall Street lobbying group, doesn’t think the administration is really talking about Glass-Steagall when it refers to it.

 

“Following the president’s remarks on the topic, Gary Cohn clarified the administration’s view of a modern-day Glass-Steagall is a two-tiered approach to regulation in which smaller banks would receive some regulatory relief,” said the former Minnesota governor, whose group represents banks including Bank of America, Citigroup and JPMorgan, the firm that spun off Morgan Stanley because of the original law.

Did you catch that? They’re essentially talking about calling some bill that has nothing to do with the spirit of Glass-Steagall, a “21st century Glass-Steagall,” in order to achieve some unrelated objective while simply hoping nobody notices. Indeed, if the corporate press does what it normally does, nobody will notice. This is just such gigantic middle finger to the American public, it’s almost hard to wrap your head around it.

But it gets worse still.

Wall Street’s biggest firms also want Trump to roll back regulations that bother them. High up on their wish list is Volcker, the rule in the 2010 Dodd-Frank Act that limits how they trade with their own money and invest in private equity and hedge funds.

 

On May 8, at a meeting behind closed doors in Washington, Mnuchin told five regulatory agencies to reexamine what’s allowed under Volcker, according to two people familiar with the sit-down. It was a step that could give banks the flexibility to trade without getting into trouble. Banks also want the stress tests required by Dodd-Frank to be easier and less frequent. Trump said this year he expects “to be cutting a lot out of Dodd-Frank.”

This will basically allow another nuclear bomb to go off within our financial sector, you can guarantee it.

Now here’s how Wall Street will achieve it’s destructive ends.

Bankers know it won’t be easy to gut that law in Congress, where House Financial Services Committee Chairman Jeb Hensarling’s Financial Choice Act is facing resistance from some members of his own party. But they’re confident friendly appointees will relax rules even if Congress doesn’t change them. Mnuchin, his counselors Justin Muzinich and Craig Phillips, Securities and Exchange Commission Chairman Jay Clayton, acting Comptroller of the Currency Keith Noreika and Randy Quarles, said to be Trump’s pick for top regulator at the Federal Reserve, have all worked at big banks or for them.

 

The shift from clashing with regulators to working with them isn’t lost on lobbyist Sam Geduldig, a partner at CGCN Group in Washington, whose clients include Goldman Sachs Group Inc.

 

“This is night and day,” the former top aide on the House Financial Services Committee said. He added that the industry always takes a president’s words on big issues seriously but there’s been no appetite on the Hill for reviving Glass-Steagall.

There’s your firebrand populist.

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Soul Glow's picture

Wall Street was allowed to own the Trump admin the day Trump put the Goldman Sacks boys - Gary Cohn and Steve Mnuckin - in their posts.  Let's not act like the wool was pulled over Trump's head.  He is a willing particapant.

BigFatUglyBubble's picture

To the trumptards: Keep watching the alphabet soup agency theater circus politics if the real stuff (like in the article) is too depressing for you.  Take 2 blue pills and call me in the morning

Signed,

Dr. Lipschitz

P.S. I only accept CASH, VISA, and MASTERCARD.

Soul Glow's picture

Just don't tell them about how his first foreign visit is to the Kingdom of Saudi Arabia where he is going to arm them with $300 billion worth of weapons.

Shlomo Scheckelstein's picture

Krieger just say it..how can a street own a person hehehe

I love the hypocrites

luky luke's picture

"Krieger: Wall Street Completely Owns The Trump Administration"

Translation:

"Krieger: Jews Completely Own Trump"

https://biblicisminstitute.wordpress.com/views-of-news/#trumpmeans

armada's picture

"Trump, Treasury Secretary Steven MNUCHIN and economic adviser Gary COHN"

Full of them in his administration.

BullyBearish's picture

front row center in shrump's presser today kushner and cohn...you should have seen them glow when shrump said, "Let me tell you one thing about the wall...it works, ask israhell"

 

i have a hard time believing there's any room in shrump's tiny israhell-filled brain for the USA...haven't seen any evidence of it yet... 

Shlomo Scheckelstein's picture

Our man in the WH needs to run Babylon..for now..and then we pull the plug. The technology and financial transfer already has taken place. America is the crack bitch without teeth in the parking lot. Go get yourself a nice blowjob...whahaha

SILVERGEDDON's picture

So fucking what ? Same as it ever was. Nothing has changed since Bretton Woods. 

BigFatUglyBubble's picture

So what?  Go to an average social gathering in America and tell them all this Russia stuff is scripted theater in order to distract them from the current bankster heist taking place.  They will call the men in white coats to take you away, or at the very least tell you you need a vacation and suggest you take lots of phizer products.

bitcoin-bitchez's picture

You had better take bitcoin. Because you KNOW its real.

junction's picture

I am still waiting to see how many millions in income tax savings have been made by Trump's Wall Street hires, the likes of Mnuchin, Cohen and Ross, thanks to their getting high level government jobs (no experience needed) that allow them to cash out their stock portfolios capital gains tax free.

HRClinton's picture

(((They))) made Trump the carrot & shtick offer:

Carrot: If you bring us aboard, we'll... help you finance and refinance all Trump properties at "Fed + 0.25%". But you'll have to drop all foreign lenders. We'll also help you finance MAGA, and keep the Markets in the Stratosphere. 

Shtick: If you don't bring us aboard, we can't help you with Trump refis, financing MAGA, or keep the Markets in the Stratosphere. 

Whose genitals do you want to get squeezed? 

Truthseeker20's picture

It is more than that. THE FED IS DESTROYING THE economy with inflation.

Bigly's picture

Supremely naive about the evil in others' hearts.

LetThemEatRand's picture

Maybe 5% of the country still cares about anything Trump promised.  The MSM (both flavors) have successfully convinced the public that the only thing that matters is proving or disproving that Trump is Putin's secret agent and/or whether Trump told Comey something that supposedly rises to the level of an impeachable offense.

There's a reason they call it theater.  When you're at a movie or play, you aren't discussing stuff that matters.  You're watching the show.

BigFatUglyBubble's picture

Diddler on the Roof

did·dle [?didl]


VERB



  1. informal


    (be diddled)

    cheat or swindle (someone) so as to deprive them of something: "he thought he'd been diddled out of his change"
    • deliberately falsify (something): "he diddled his income tax returns"

serotonindumptruck's picture

Trump has major skeletons in his closet.

It's the only thing that makes sense in light of his 180 degree turn from his campaign pledges.

Trump has likely been made aware of his skeletons, and he has agreed to sell out his constituency in exchange for more life.

"I want more life, fucker."

https://www.youtube.com/watch?v=O5MDGMvrSJc

Intelligence_Insulter's picture

Trump bombed some airstrip in syria after a false flag.  He is as compromised as the Usama slayer.

TuPhat's picture

It isn't skeletons in his closet.  It's the promise of more billions that Trump is going for.  He has been a swindler all his life and now he gets a chance to play in the big game.  Hillary would have been worse, I'm still sure of that much, but Trump is not one of the good guys.

AnimalSpirits's picture

I agree with your points, and I wonder why Trump has allowed this narrative to dominate. Couldn't he add to the news himself or through Spicer -- just to update people on other issues or work in progress -- this would help the public refocus on his original plans/promises...?

Unless, he is also benefiting from the distraction...

The article notes how Trump may have changed his mind in favour of Wall St., but lets wait for more concrete evidence/actions to change D-F & G-S..for Wall St. I am not ready to believe Trump has turned just yet.

LetThemEatRand's picture

"I am not ready to believe Trump has turned just yet."

Same here.  I don't believe Trump has turned because he didn't require turning.

Trump knew exactly what to tell voters to get elected.  He even ran ads that we should not vote for Hillary because she was in bed with Goldman.  He also has a twitter account and he isn't afraid to use it.  Yet he has not said or done anything to change the narrative.    

runswithscissors's picture

>>> pass the juice

>>> gas the jews

 

AnimalSpirits's picture

No. No. Next question!

Take a moment to read the intelligent comments on this thread. Is that all YOU have to say?

Poor you, feeling victimized by Jewish people :-(

BigFatUglyBubble's picture

As a child being shown video of piles of dead bodies with zero context, but tons of false narratives and lies, and told the Jews were the victims of an intentional systematic genocide, was methodical trauma based mind control.  We are all victims of the Holocaust myth brainwashing.

TuPhat's picture

You're a victim all right.  But your brainwashing wasn't about the holocaust.  In fact, unless you are older than dirt it has had nothing at all to do with WWII.  Wars in the ME maybe, What the banks do with your money, what the Federal Reserve is, What the CIA, NSA, FBI and others do for you and to you, that's what your brainwashing has been about.  They haven't wasted time on anything before the 70s for decades.  Wake up and figure out what's going on.

BigFatUglyBubble's picture

It all ties in cohesively.  You aren't allowed to point where the blame really lies because (((they))) are always the poor victim.

bitcoin-bitchez's picture

The jews have owned every administration. 

HRClinton's picture

They could not buy without people selling out.

Is the REAL problem with the clever Buyer or the dumb Seller? 

Junk me, if you can't handle the truth and need to vent. 

wholy1's picture

DUH !!!  Look at the retinue of "Golden Hacks Boys" with whom he has CHOSEN/BEEN COERICED to associate. AND . . . then there is that [Soros-owned] slimmy Zionist son-in-law and lefty Ivanka!

dogballs's picture

The Russian interference affair has been a great diversion to allow the Wall Street tentacles to enwrap the economic affairs. Can you feel the stranglehold?

AriusArmenian's picture

More of same. Utterly f**king disgusting.

Hang them all.

Bobportlandor's picture

TRUMP JUST CRUSHED EVERY WALL ST BANKER WITH 6 WORDS

https://www.youtube.com/watch?v=QCtJVGZs7nY

Peak Finance's picture

HAHHAHAAHAHHAHAHAHA

Fucking serious Krieger?

Obamas ENTIRE economic plan for 8 years was:

1) Print a fuck-ton of money

2) Give it to rich people

3) Hope something good happens

HOW many pro-wall strteet bills passed the "Dems who hate bankers" congress and how many have Obamas name on it? 

And you are going to continue the FANTASY the ONLY the Repubs are the party of Wall Street!

LOLZZZ!

AllBentOutOfShape's picture

"And you are going to continue the FANTASY the ONLY the Repubs are the party of Wall Street!"

Are you sure this isn't your fantasy because it's not Krieger's.

https://libertyblitzkrieg.com/2017/02/23/the-road-to-hell-was-paved-with...

TuPhat's picture

I didn't read anything about that fantasy in the article.  Perhaps you don't read much.  You are right about Obama but please we have a new Pres now.  Keep your eyes open and keep up with the times.  Crying about Obama won't help anything.

swmnguy's picture

Uh, Krieger was no Obama fan, nor a Democrat.  He was all over Obama's ass for this exact stuff.

Saratoga's picture

It was planned that way from the begining, now go drain your your brain.

Yen Cross's picture

  Trump shoots from the hip. He's always used other people to ingratiate himself.

  Anything is better than Hitlery the despicable, though.

artichoke's picture

No, he chooses his words very very carefully.

"Repeal-and-replace Obamacare".  Repeal-and-replace doesn't imply repeal.

"21st Century Glass Steagall" isn't "Glass Stegall".  If you watch his campaign I am sure he always said "21st Century" before the thing we all thought we understood, "Glass Steagall".

I am still glad Trump won.  But he simply lied here, if we can consider Mnuchin his spokesman for this purpose.

WillyGroper's picture

blood is thicker than water.

better actor than hitlery.

fify

http://www.hidabrut.com

Anarchyteez's picture

Well good for fuckin them!

I'm still short and will wait till they unload and join me.

Or the rug gets pulled from under'm. Whatever first.

Crawdaddy's picture

Honest question - Who pays the bills for mr mike kreiger? I don't ask this only about Kreiger but all the regular essayists on the web. Who pays these mother fuckers and why do most of the stories all fit into a common narrative of "us against them?"

 

TuPhat's picture

The common narrative is because of the sites you choose to read.  There are other narratives out there.  The choice is yours.

Crawdaddy's picture

Got it - but who is paying the bills of each side? If I see 10 strangers at my door and they all have the same things to say, I start to wonder who paid them to take the time to talk to me.

There is zero chance that all of the big websites accidentally agree on the common denomiator narrative.  Just no way. They are all in cahoots.

Non-Corporate Entity's picture

The tentacles of Wall St. have been wrapped around D.C. for decades...what is this guy talking about?!?

swmnguy's picture

He's rebutting the idea that things will change under Trump.