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News Monday, Feb 13 2017

What Happened to Donald Trump’s Promise to “Drain the Swamp”? ¯\_(ツ)_/¯

Feb 13, 2017

What Happened to Donald Trump’s Promise to “Drain the Swamp”? ¯\_(ツ)_/¯

Donald Trump has filled his administration with predatory Wall Street bankers, some of his campaign’s wealthiest donors, and an endless series of unethical conflicts — all proving his oft-repeated claim of “draining the swamp” was another huge lie. Trump has started to gut regulations and dismantle institutions put in place after the financial crisis and flip-flopped on lowering prescription drug prices after taking a million dollars from from big pharma.

This weekend, Steve Mnuchin, who has yet to be confirmed as Treasury Secretary — started reaching out to his old Goldman Sachs buddies and other Wall Street bankers to fill key positions in the Treasury Department.

“Donald Trump isn’t draining the swamp — he’s flooding it,” said Shripal Shah, American Bridge Vice President.

Trump Is Selling Us Out To Wall Street and His Top Donors

Trump Stacked His Cabinet With Wall Street Elite And His Top Campaign Donors: Despite campaign promises to “drain the swamp,” Donald Trump has filled his cabinet with “wolves of Wall Street” and some of his biggest campaign donors.

  • Donald Trump tapped six of his top donors — who gave nearly $12 million to the Republican Party and Donald Trump’s campaign — for top cabinet posts and positions in his administration.

    • The cabinet officials include: Linda McMahon (donated $7.5 million); Betsy DeVos (donated $1.8 million); Todd Ricketts (donated $1.3 million); Steve Mnuchin (donated $425,000); Andrew Puzder (donated $332,000); Wilbur Ross (donated $200,000).

  • Treasury Secretary nominee Steve Mnuchin was a veteran Wall Street banker and hedge fund manager, serving nearly 2 decades at Goldman Sachs, then moving on to manage the largest bank in Southern CA.

  • Commerce Secretary nominee Wilbur Ross was an “old school Wall Streeter” who spent a quarter century in investment banking and served in the leadership of a secretive Wall Street fraternity.

  • Trump’s Special Advisor on Regulatory Reform Carl Icahn has been called “the original wolf of Wall Street” for his ruthless tactics and was among the richest Wall Streeters.

  • Trump’s Director of the National Economic Council Gary Cohn was second in command at Goldman Sachs and a ruthless opponent of Dodd Frank.

Trump’s “Two-For-One” Regulation Executive Order: Donald Trump signed an executive order calling for the elimination of two regulations for every new one, setting the stage for further deregulation with the potential to do “immediate and lasting damage” to the government’s ability to police Wall Street.

President Trump Planned To Adjust Banking Policy In Favor Of Wall Street: President Trump signed an executive order intended to begin the process of “cutting a lot out of” the Dodd-Frank Act, which protected taxpayers from Wall Street banking practices.

  • White House National Economic Council director Gary Cohn indicated that the Trump administration would make changes to the Financial Stability Oversight Council, which promoted market discipline and facilitated coordination among financial regulators.

  • Treasury Secretary nominee Steven Mnuchin intended to repeal the Volcker rule, which placed restrictions on investment banks putting taxpayer capital at unnecessary risk.

Potential Fiduciary Rule Reversal: Donald Trump signed a presidential memorandum subjecting the fiduciary rule to Labor Department review and setting up the possible rescission of the rule. The fiduciary rule, set to go into effect in April 2017, would require brokers to act in the best interest of their customers instead of giving advice which would produce themselves higher earnings from fees and commissions. Wall Street vocally opposed the fiduciary rule, claiming that it was a costly burden that would make advising middle-class investors unprofitable.

  • Over 80 million Americans stood to benefit from the prohibition on conflicted advice, which cost Americans an estimated $17 billion every year.

Published: Feb 13, 2017

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