Tuesday, August 8, 2017

Wall Street Fines Down 66% Under Trump's Goldman Sachs-Filled Administration

"Since taking office in January, President Donald Trump has chosen ex-Goldman Sachs bankers to fill several key positions within his administration. According to a Wall Street Journal analysis published Sunday, it appears that the nation's largest financial institutions are benefiting greatly from having their friends in government. "Wall Street regulators have imposed far lower penalties in the first six months of Donald Trump's presidency than they did during the first six months of 2016, a comparable period in the Obama administration," the Journal reported. Throughout his campaign for the presidency, Trump promised to loosen regulations on big banks by dismantling Dodd-Frank, which was established following the financial crisis of 2008. But the Journal's report indicates that the Trump team has found another way to ease up on Wall Street: namely, by not levying hefty fines for wrongdoing."