TRUMP SAYS HE CUT WALL STREET REFORM BECAUSE HIS FRIENDS NEED MONEY

[Seedersandleechers]

This discussion thread was locked as off-topic by NancyBlueINOklahoma (a host of the Latest Breaking News forum).

Source: Vanityfair.com

On Friday, Donald Trump signed an executive order intended to roll back Dodd-Frank, the sprawling regulatory framework President Obama signed into law in 2010 to avoid another financial crisis, which was not entirely beloved on Wall Street. He also scrapped a fiduciary rule intended to protect retirees by forcing brokers and advisers to “work in the best interest of their clients.“ (This, too, was controversial.)

According to its defenders, Dodd-Frank has been a modestly successful, if tortuous affair, requiring banks to bend over backwards to comply with regulations that protect investors and consumers from abusive practices and excessive risk. According to Trump, it was inconveniencing his friends:

“There is nobody better to tell me about Dodd-Frank than [JP Morgan C.E.O.] Jamie [Dimon]. So he has to tell me about it, but we expect to be cutting a lot from Dodd-Frank because, frankly, I have so many people, friends of mine, that have nice businesses, they can’t borrow money,” Trump said Friday morning, shortly before signing the executive orders. “They just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank.”



Read more: http://www.vanityfair.com/news/2017/02/trump-says-he-cut-wall-street-reform-because-his-friends-need-money?mbid=social_twitter

[Oldtimeralso]

1. W T F n/t

[Rhiannon12866]

2. K&R! The first honest thing he's said!

[pansypoo53219]

3. MONEYED interests are the new SPECIAL INTERESTS. vote 2% get 2% care.

[AllaN01Bear]

4. hes friends need mony

let them eat cake and get a REAL job.

[DFW]

5. People in a service industry being required to provide that service to their clients. Scandalous!

What were they thinking, requiring companies offering a service to actually provide it?

[laserhaas]

6. They have coin of phrases for this. Cronyism

via corruption.

Making statements like this is grounds for impeachment; because he is violating his fiduciary oath to the people of the United States.

[stuffmatters]

7. Actually, it's probably Trump himself who couldn't get bank loans under Dodd Frank

With all his bankruptcies and serial cheating of creditors, certainly Trump would have been classified as a terrible credit risk for any U.S.Bank under the risk transparencies required by DoddFrank.?. In recent years Trump has been forced to get loans from the Russian etc because American banks would not (any maybe could not under loan requirements of Dodd Frank) loan to him.

I suspect Trump's closest "friend" who couldn't get loans under Dobb Frank was Donald J trump himself.
i.e. Trump: I'm "doing this for a friend".

[Dark n Stormy Knight]

8. So, Rust Belters, how you likin' him now?

Tell me, this helps you how?

[Rincewind]

9. When the fuck did not

cheating your clients become "controversial" ?

[Watching]

10. To be Fair...

Within the past month, Lloyd Blankfein was almost forced to switch from Beluga to regular caviar!

[jmowreader]

11. Yeah, he would have that kind of friends.

[Cha]

12. Haha trump suckered his fans.. there was no swamp except the gop and he's

turned it into a cesspool.

[Dustlawyer]

13. Jaimie is the best person in America to talk to regarding Dodd Frank?

How about all of the people who lost their houses to foreclosure, which were then bought for cents on the dollar by Wall Street banks with our tax dollars! How about the retired couples who lost all of their money in a bull market because Merrill Lynch was churning their stocks?

Fu*K these mo fo's!!!!

[OKNancy]

14. Locking - duplicate topic

earler thread here: http://www.democraticunderground.com/10141689453