The ‘populist’ president delivered a multi-billion dollar gift to Wall Street by eviscerating the Dodd-Frank financial regulations passed in the wake of the 2008 crash. One of Trump’s two executive orders instructed the Department of Labor to delay and ultimately destroy the fiduciary rule that required financial firms to offer advice only in their clients’ best interest — rather than deceptive schemes for self-enrichment.
The delaying tactics we told you about nearly two years ago have worked beautifully. The bailout worked (if not for homeowners, at least for the banks). It worked so well that the underlying problems that led to the financial crisis have remained largely ignored. The regulations that have been written (and continue to languish during […]
Purveyors of Ferraris and high-end Swiss watches keep their fingers crossed toward the end of each calendar year, hoping that the big Wall Street banks will be generous with their annual cash bonuses. New figures show that the bonus bonanza of 2013 didn’t disappoint. According to the New York State Comptroller’s office, Wall Street firms […]