Posts Tagged 'Wall Street'

Pam Martens and Russ Martens – Donald Trump Has a Goldman Sachs Problem: Derivatives

In the midst of being skewered across media outlets yesterday for his chaotic rollout of an Executive Order that appeared to target Muslims, including those legally living in the U.S. as businessmen, doctors, university faculty and students — who were initially denied reentry after travel abroad — President Donald Trump tried desperately to change the subject. Following a plunge of over 200 points in the Dow Jones Industrial Average yesterday, Trump pivoted to something he thought would please his financial ...

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Yves Smith – More on the Economic Hardship of Young Adults

In the US, the cost of the aftermath of the crisis has fallen heavily on young people, mainly due to bad policy responses to the crisis that we’ve described at length as it was happening: the failure to restructure bad loans (particularly mortgages) and impose costs on banks and investors, not just homeowners; the refusal to engage in enough fiscal spending, not just during the crisis but in deficit fights during the Obama Administration. That isn’t to say that other ...

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Michael Krieger – Donald Trump Has an Enormous and Very Dangerous Wall Street Blind Spot

The biggest disappointment regarding Donald Trump since being elected President has been his total embrace of dangerous Wall Street thieves. As it is currently structured and incentivized, the financial services industry represents one of the most destructive and least beneficial forces within the U.S. economy. It is essentially a parasitic industry.

Unfortunately, Trump didn’t merely pick one or two competent finance guys to be in charge of finance-related jobs. Rather, he decided to surround himself with some of the worst of the worst (see links at ...

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Pam Martens and Russ Martens – U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure

Just 17 days from today, Donald Trump will be sworn in as the nation’s 45th President and deliver his inaugural address. Trump is expected to announce priorities in the areas of education, infrastructure, border security, the economy and curtailing the outsourcing of jobs. But Trump’s agenda will be derailed on all fronts if the big Wall Street banks blow up again as they did in 2008, dragging the U.S. economy into the ditch and requiring another massive taxpayer bailout from ...

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Katherine Burton – The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt

Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump.

The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate. This year’s theme: “Villains and Heroes.”

In Trump, Mercer and his fellow hedge funders had much to extol. Tapping into the wealth he amassed at his wildly profitable firm, Renaissance Technologies, Mercer and his daughter Rebekah (dressed that ...

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Nika Knight – Trump Brings on Billionaire Bruiser Carl Icahn to Gut Government Regulations

President-elect Donald Trump has selected yet another billionaire for his cabinet: infamous corporate raider Carl Icahn will advise Trump on his sweeping plans to dismantle government regulations, it was announced late Wednesday.

“According to Forbes he is worth $16.5 billion, making him the 50th richest man in the world,” notes CNN Money. “That would make him the richest member of the Trump administration, including the President-elect himself, who Forbes estimates is worth is worth $4.5 billion.”

“Donald Trump has selected a man who ...

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DAVID ROSEN – What Happens When the Trump Bubble Bursts?

On January 20, 2017, president-elect Donald Trump will be inaugurated the nation’s 45th President.  Almost a year to the date, on January 24, 2016, Republican candidate Trump boasted at a Sioux Center, IA, campaign rally, “I could stand in the middle of Fifth Avenue and shoot somebody and I wouldn’t lose voters.”  Sadly, he was probably right then — and his prediction will likely be worse after January 20th.  But how long will Trump’s electoral halo keep him covered in ...

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Michael Arria – If Obama Had Prosecuted Goldman Sachs’ Brain Trust, We Wouldn’t Be Plagued by Them Again in Trump’s Cabinet

In September of this year Massachusetts Senator Elizabeth Warren sent a letter to Michael E. Horowitz, the Inspector General of the Department of Justice, requesting an investigation into why the Obama administration failed to prosecute any Wall Street executives after the financial crash. Warren’s letter pointed to findings by Financial Crisis Inquiry Commission (FCIC), which had provided the Justice Department with 25 cases for potential prosecution. The department neglected to take on any of these cases.

Warren’s letter was sent prior to ...

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Led by Merkley, Warren and Sanders, Senate Democrats Roll Out New Website Inviting Personal Stories from Americans Hurt by Foreclosure King Steve Mnuchin

Today, U.S. Senators Jeff Merkley (D-OR), Elizabeth Warren (D-MASS) and Bernie Sanders (I-VT) announced that Senate Democrats have launched a new website inviting Americans to share their personal stories of being impacted by the foreclosure practices of Donald Trump’s Treasury Secretary nominee, foreclosure king Steve Mnuchin.

“Donald Trump’s choice of Mnuchin is not only a fundamental betrayal of his promise to stand up to Wall Street-it is a punch in the gut to the thousands of American families who were ...

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BESS LEVIN – FORECLOSING ON A 90-YEAR-OLD WOMAN OVER 27 CENTS AND OTHER HEARTWARMING TALES FROM STEVEN MNUCHIN’S DAYS AT ONEWEST

Since it was announced Tuesday evening that Donald Trump will nominate Steven Mnuchin for Treasury secretary, a lot of time has been spent focusing on the 17 years Mnuchin worked at Goldman Sachs and whether it should disqualify him for the job. And while some might argue that having Goldman Sachs on your résumé helps qualify a person for this sort of position, the fact that the president-elect spent much of his campaign telling Americans not to vote for ...

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